Explanatory note

This Order brings into force section 124(2) and (6) of the Pensions Act 2008 (c.30) (financial assistance scheme). These provisions make amendments in relation to the definition of “qualifying member” in section 286(2) of the Pensions Act 2004 (c.35). Section 124(2) and (6) were brought into force on 19th December 2008 for limited purposes. This Order brings those provisions into force for all remaining purposes from 31st March 2010.

The Order saves section 286 in its unamended form for the purposes of existing regulations under that section until such time as new regulations made under the section come into force.

The Order also makes consequential and incidental provisions amending the Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986) and the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005 (S.I. 2005/2189). The amendments insert a definition of “scheme’s pension liabilities” in both, make changes in relation to the definition of “qualifying member” in the former and amend the definition of “member” in the latter.

A full impact assessment has not been published for this Order as it has only a negligible impact on the private and voluntary sectors.