OpenLegislation

Section 125 Binding notices confirming status of schemeC1C2C3

England, Wales and Scotland

(1)

Subject to subsection (2), for the purposes of this Part, a notice issued under section 122 is not binding until—

(a)

the Board issues a determination notice under section 123 approving the notice,

(b)

the period within which the issue of the determination notice under that section may be reviewed by virtue of Chapter 6 has expired, and

(c)

if the issue of the determination notice is so reviewed—

(i)

the review and any reconsideration,

(ii)

any reference to the PPF Ombudsman in respect of the issue of the notice, and

(iii)

any appeal against his determination or directions,

has been finally disposed of and the determination notice has not been revoked, varied or substituted.

(2)

Where a notice is issued under section 122 by the Board by virtue of section 124, the notice is not binding until—

(a)

the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and

(b)

if the issue of the notice is so reviewed—

(i)

the review and any reconsideration,

(ii)

any reference to the PPF Ombudsman in respect of the issue of the notice, and

(iii)

any appeal against his determination or directions,

has been finally disposed of and the notice has not been revoked, varied or substituted.

(3)

Where a notice issued under section 122 becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—

(a)

the Regulator,

(b)

the trustees or managers of the scheme,

(c)

the insolvency practitioner or former insolvency practitioner who issued the notice under section 122 or, where that notice was issued by the Board by virtue of section 124, the insolvency practitioner or former insolvency practitioner mentioned in subsection (1) of that section,

(d)

any insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), and

(e)

if there is no insolvency practitioner in relation to the employer, the employer.

(4)

A notice under subsection (3)—

(a)

must be in the prescribed form and contain such information as may be prescribed, and

(b)

where it is given in relation to a withdrawal notice issued under section 122(2)(b) which has become binding, must state the time from which the Board ceases to be involved with the scheme (see section 149).

Annotations

Modifications

C1

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C2

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C3

S. 125 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 62(5) and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)

Commencement

I1

S. 125(1)-(3)(4)(b) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I2

S. 125(4)(a) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3