Regulation 57 Modification of the Pension Protection Fund (Entry Rules) Regulations

(1)

The Entry Rules Regulations are amended in accordance with paragraphs (2) to (5).

(2)

In regulation 1(2) M1 (interpretation)—

(a)

after the definition of “the FSMA Act” insert—

““the appointed day” is the day appointed for the coming into operation of section 27 of the Pensions Act (Northern Ireland) 2012 (definition of money purchase benefits);”;

(b)

after the definition of “the assessment date”M2 insert—

““cash balance benefits” has the meaning given by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014;”.

(3)

After regulation 2(2) M3 (schemes which are not eligible schemes) insert—

“(2A)
Except as otherwise provided in paragraphs (3) and (4), an occupational pension scheme which becomes an eligible scheme in accordance with regulation 42(1)(b) of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (eligibility: schemes treated as money purchase schemes) is not an eligible scheme if—
(a)
the trustees or managers of the scheme during the period beginning with the appointed day and ending immediately before 1st April 2015 have entered into a legally enforceable agreement, and
(b)
the effect of that agreement (at any time) is to reduce the amount of any debt due to the scheme under Article 75 of the 1995 Order (deficiencies in the assets) which may be recovered by, or on behalf of, the trustees or managers of the scheme.”.

(4)

In regulation 2(3) and (4) for “paragraph (2)” substitute “ paragraphs (2) and (2A) ”.

(5)

In regulation 21 M4 (refusal to assume responsibility – schemes which become eligible schemes)—

(a)

in paragraph (1)(a) omit “and”;

(b)

at the end of paragraph (1)(b) insert—

“and
(c)
in the case of a scheme which becomes an eligible scheme on 1st April 2015 in accordance with regulation 42(1)(b) of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014—
(i)
where the date on which an assessment period began is less than 3 years after 1st April 2015, be the period beginning on 1st April 2015 and ending with the assessment date, or
(ii)
where the date on which an assessment period began is at least 3 years after 1st April 2015, be the period of 3 years preceding the date on which that assessment period began.”.

Annotations

Marginal citations

M1: Regulation 1(2) was amended by regulation 4 of S.R. 2005 No. 357. Regulation 2 of S.R. 2005 No. 364, regulation 21 of S.R. 2006 No. 155 and regulation 2 of S.R. 2009 No. 78
M2: The definition of “the assessment date” was inserted by regulation 4 of S.R. 2005 No. 357
M3: Regulation 2(2) was amended by regulation 2 of S.R. 2005 No. 364
M4: Regulation 21 was amended by regulation 3 of S.I. 2010 No. 32