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The Pension Protection Fund (Insolvent Partnerships) (Amendment of Insolvency Events) Order 2005

S.I. 2005/2893 · Made 13 October 2005

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

PENSIONS

Made 13th October 2005

Laid before Parliament 20th October 2005

Coming into force 10th November 2005

The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by section 121(7) of the Pensions Act 2004f1, and of all other powers enabling him in that behalf, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

2004 c. 35.

Contents

  1. 1Citation and commencement
  2. 2Amendment of section 121 of the Pensions Act 2004
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Pension Protection Fund (Insolvent Partnerships) (Amendment of Insolvency Events) Order 2005 and shall come into force on 10th November 2005.

2Amendment of section 121 of the Pensions Act 2004

In subsection (4) of section 121 of the Pensions Act 2004 (insolvency event in relation to a partnership) for paragraph (e) substitute—

“(e)

the partnership enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Actf1 (as applied by an order under section 420 of that Actf2).”.

Signature

Signed by authority of the Secretary of State for Work and Pensions.

Stephen C. Timms

Minister of State,

Department for Work and Pensions

13th October 2005

Explanatory note

(This note is not part of the Order)

This Order amends paragraph (e) of section 121(4) of the Pensions Act 2004 (c. 35) (“the Act”) as a consequence of the Insolvent Partnerships (Amendment) Order 2005 (S.I. 2005/1516) (“the Partnerships Order”).

Section 121(4)(e) dealt with an administration order made under Part 2 of the Insolvency Act 1986 (c. 45) (“the 1986 Act”) in relation to an insolvent partnership. This was treated as an insolvency event for the purposes of Part 2 of the Act. Part 2 of the 1986 Act was amended by the Enterprise Act 2002 (c. 40) which inserted Schedule B1 into the 1986 Act. Schedule B1 was applied to insolvent partnerships by the Partnerships Order with effect from 1st July 2005. As a result, paragraph (e) of section 121(4) of the Act is substituted to reflect that an insolvency event can occur where a partnership “enters into administration” (within the meaning of paragraph 1(2)(b) of Schedule B1).

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.