OpenLegislation

Section 129 Applications and notifications for the purposes of section 128C1C2C3

England, Wales and Scotland

(1)

Where the trustees or managers of an eligible scheme become aware that—

(a)

the employer in relation to the scheme is unlikely to continue as a going concern, and

(b)

the prescribed requirements are met in relation to the employer,

they must make an application to the Board for it to assume responsibility for the scheme under section 128.

(2)

Where the Board receives an application under subsection (1), it must give a copy of the application to—

(a)

the Regulator, and

(b)

the employer.

(3)

An application under subsection (1) must—

(a)

be in the prescribed form and contain the prescribed information, and

(b)

be made within the prescribed period.

(4)

Where the Regulator becomes aware that—

(a)

the employer in relation to an eligible scheme is unlikely to continue as a going concern, and

(b)

the requirements mentioned in subsection (1)(b) are met in relation to the employer,

it must give the Board a notice to that effect.

(5)

Where the Board receives a notice under subsection (4), it must—

(a)

give the trustees or managers of the scheme a notice to that effect, and

(b)

give the employer a copy of that notice.

(6)

The duty imposed by subsection (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that subsection by reason of a notice given to them under subsection (5).

(7)

The duty imposed by subsection (4) does not apply where the Regulator becomes aware as mentioned in that subsection by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under subsection (2).

(8)

Regulations may require notices under this section to be in the prescribed form and contain the prescribed information.

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. 129 modified (6.4.2005) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1(1)(d), 61, 65(1) 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. 129(1)(a)(2)(4)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

I2

S. 129(1)(b)(3)(8) 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