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The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

S.I. 2005/441 · Made 2 March 2005 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 2 October 2018.

PENSIONS

Made 2nd March 2005

Laid before Parliament 2nd March 2005

Coming into force in accordance with regulation 1

The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 307(1)(b) and (2)(b) and (e), 315(1), (2), (4) and (5) and 318(1) and (4)(a) of the Pensions Act 2004 M1, and of all other powers enabling him in that behalf, by this instrument, which contains regulations made before the end of the period of six months beginning with the coming into force of the provisions of that Act by virtue of which they is made M2, hereby makes the following Regulations:

Annotations to the whole text

Marginal citations

M1

2004 c. 35. Section 318(1) is cited because of the meaning there given to “modifications”, “prescribed” and “regulations”.

M2

See section 317 of the Pensions Act 2004 which provides that the Secretary of State must consult such persons as he considers appropriate before making regulations by virtue of the provisions of the Act (other than Part 8). This duty does not apply where regulations are made before the end of six months beginning with the coming into force of the provisions of the Act by virtue of which the regulations are made.

Contents

  1. Part 1: PRELIMINARY
  2. 1Citation, commencement and interpretation
  3. Part 2: SEGREGATED SCHEMES:
  4. Chapter: SINGLE EMPLOYER SECTIONS
  5. 2Application and effect
  6. 3Notification of insolvency events, confirmation of scheme status etc.
  7. 4Eligible schemes
  8. 5Board's duty where application or notification received under section 129
  9. 6Protected liabilities and assessment periods
  10. 7Directions and power to validate contraventions of section 135
  11. 8Valuation of assets
  12. 9Refusal to assume responsibility for a scheme
  13. 10Reconsideration and duty to assume responsibility for a scheme following reconsideration
  14. 11Closed schemes and requirement to wind up schemes with sufficient assets to meet protected liabilities
  15. 12Transfer notices and assumption of responsibility
  16. 13The pension compensation provisions
  17. Part 3: SEGREGATED SCHEMES:
  18. Chapter: MULTI-EMPLOYER SECTIONS WITHOUT REQUIREMENT FOR PARTIAL WIND UP ON WITHDRAWAL OF A PARTICIPATING EMPLOYER
  19. 14Application and effect
  20. 15Notification of insolvency events, confirmation of scheme status etc.
  21. 16Eligible schemes
  22. 17Duty to assume responsibility for schemes
  23. 18Board’s duty where application or notification received under section 129
  24. 19Protected liabilities
  25. 20Assessment periods
  26. 21Directions
  27. 22Power to validate contraventions of section 135 and Board to act as creditor of the employer
  28. 23Valuation of assets
  29. 24Refusal to assume responsibility for a scheme
  30. 25Reconsideration, closed schemes and requirement to wind up schemes with sufficient assets to meet protected liabilities
  31. 26Transfer notice and assumption of responsibility for a scheme
  32. 27The pension compensation provisions
  33. Part 4: SEGREGATED SCHEMES:
  34. Chapter: NON-SEGREGATED MULTI-EMPLOYER SECTIONS OF SEGREGATED SCHEMES WITH REQUIREMENT FOR PARTIAL WIND UP ON WITHDRAWAL OF PARTICIPATING EMPLOYER
  35. 28Application and effect
  36. 29Notification of insolvency events, confirmation of scheme status etc.
  37. 30Eligible schemes
  38. 31Duty to assume responsibility for schemes
  39. 32Board's duty where application or notification received under section 129
  40. 33Protected liabilities
  41. 34Assessment periods
  42. 35Directions
  43. 36Restrictions on winding up, discharge of liabilities etc, and power to validate contraventions of section 135
  44. 37Board to act as creditor of the employer
  45. 37AIll health pensions
  46. 38Valuation of assets
  47. 39Refusal to assume responsibility for a scheme
  48. 40Reconsideration
  49. 41Closed schemes, requirement to wind up schemes with sufficient assets and applications and notifications where closed schemes have insufficient assets
  50. 42Transfer notices and assumption of responsibility for a scheme
  51. 43Further actuarial valuation of segregated parts
  52. 44The pension compensation provisions
  53. Part 5: NON-SEGREGATED SCHEMES:
  54. Chapter: SCHEMES WITH A REQUIREMENT FOR PARTIAL WIND UP ON THE WITHDRAWAL OF A PARTICIPATING EMPLOYER
  55. 45Application and effect
  56. 46Notification of insolvency events, confirmation of scheme status etc.
  57. 47Eligible schemes
  58. 48Duty to assume responsibility for schemes
  59. 49Board's duty where application or notification received under section 129
  60. 50Protected liabilities and assessment period
  61. 51Directions
  62. 52Restrictions on winding up, discharge of liabilities etc and power to validate contraventions of section 135
  63. 53Board to act as creditor of the employer
  64. 53AIll health pensions
  65. 54Valuation of assets
  66. 55Refusal to assume responsibility for a scheme
  67. 56Reconsideration
  68. 57Closed schemes, requirement to wind up schemes with sufficient assets and applications and notifications where closed schemes have insufficient assets)
  69. 58Transfer notices and assumption of responsibility for a scheme
  70. 59Further actuarial valuation of segregated parts
  71. 60The pension compensation provisions
  72. Part 6: NON-SEGREGATED SCHEMES:
  73. Chapter: SCHEMES WITHOUT PROVISION FOR PARTIAL WIND UP ON WITHDRAWAL OF A PARTICIPATING EMPLOYER
  74. 61Application and effect
  75. 62Notification of insolvency events, confirmation of scheme status etc.
  76. 63Eligible schemes
  77. 64Duty to assume responsibility for schemes
  78. 65Applications and notifications and Board’s duty where application or notification received under section 129
  79. 66Assessment periods
  80. 67Power to validate contraventions of section 135 and Board to act as creditor of the employer
  81. 68Valuation of assets
  82. 69Refusal to assume responsibility
  83. 70Transfer notice and the pension compensation provisions
  84. Part 7: NON-SEGREGATED SCHEME WITH AN OPTION TO SEGREGATE ON THE WITHDRAWAL OF A PARTICIPATING EMPLOYER
  85. 71Application and effect
  86. Part 8: SEGREGATED SCHEMES:
  87. Chapter: MULTI-EMPLOYER SECTIONS OF SEGREGATED SCHEMES WITH AN OPTION TO SEGREGATE ON THE WITHDRAWAL OF A PARTICIPATING EMPLOYER
  88. 72Application and effect
  89. Part 9: MULTI-EMPLOYER SCHEMES:
  90. Chapter: THE PENSION PROTECTION LEVIES
  91. 73Modification of sections 175 to 181 of the Act: segregated schemes
  92. 74Modification of sections 175 to 181 of the Act: non-segregated schemes
  93. 75Modification of sections 175 to 181 of the Act: multi-employer sections of segregated schemes
  94. Part 10: FINANCIAL ASSISTANCE SCHEME FOR MEMBERS OF CERTAIN PENSION SCHEMES
  95. 76Modification of section 286 of the Act
  96. Signature
  97. Explanatory note