Regulation 2 Amendment of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations

In regulation 2 of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 2005^f1 (modification of Part III of the Order) for paragraph (2) substitute—

“(2)

Paragraph (1) shall not apply in relation to a partially guaranteed scheme where—

(a)

the scheme was in existence immediately prior to IP completion day, and

(b)

the application of paragraph (1) immediately prior to IP completion day would have given rise to State aid that was incompatible with the internal market within the meaning of Article 107 of the Treaty as it had effect in the United Kingdom immediately prior to IP completion day.”.