Regulation 73 Modification of sections 175 to 181 of the Act: segregated schemesI1

United Kingdom

(1)

This regulation applies to a segregated scheme.

C1(2)

In the case of a segregated scheme to which this regulation applies—

(a)

sections 175 to 181 of the Act (pension protection levies) shall have effect as if each section of the scheme were a separate scheme; and

(b)

references in sections 175 to 181 to “an eligible scheme” shall be read as if they were references to a section of the scheme in circumstances where that section, if it were a scheme, would not be—

(i)

a money purchase scheme; or

(ii)

a scheme which is a prescribed scheme or a scheme of a prescribed description under section 126(1)(b) of the Act (eligible schemes).

(3)

For the purposes of this regulation, section 179 of the Act (valuations to determine scheme underfunding) shall be modified so that it shall be read as if, for the words “an actuarial valuation of the scheme” in F1subsection (1)(a), there were substituted the words “ an actuarial valuation of the section ”.

Annotations

Textual amendments

F1: Words in reg. 73(3) substituted (1.4.2005) by The Occupational Pension Schemes and Pension Protection Fund (Amendment) Regulations 2005 (S.I. 2005/993), regs. 1(1), 5(10)(a)

Modifications

C1: Reg. 73(2) excluded (with application in accordance with reg. 5(1) of the amending S.I.) by The Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations 2006 (S.I. 2006/566), regs. 1(1), 6

Commencement

I1: Reg. 73 wholly in force at 6.4.2005; reg. 73 not in force at made date; reg. 73(3) in force at 9.3.2005 for certain purposes; reg. 73(2)(b) in force at 1.4.2005 for certain purposes and reg. 73 in force at 6.4.2005 in so far as not already in force, see reg. 1(1)(a)(c)(d)