Regulation 3 Modification of section 175 of the Act for the financial year beginning on 1st April 2006: segregated schemes

(1)

This regulation applies to a segregated scheme for the financial year beginning on 1st April 2006.

(2)

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

(a)

section 175 of the Act^f1 (pension protection levies) shall have effect as if each section of the scheme were a separate scheme; and

(b)

references in section 175(1) of the Act to “eligible schemes” shall be read as if they were references to sections of a scheme in circumstances where those sections, if they were schemes, would not be—

(i)

money purchase schemes;

(ii)

schemes which are schemes prescribed or schemes of a description prescribed by virtue of regulations made under section 126(1)(b) of the Act^f2 (eligible schemes);

(iii)

schemes to which section 126(2) of the Act applies; or

(iv)

schemes which are not eligible schemes by virtue of regulations made under section 126(5) of the Act.

Annotations

Footnotes

f1: Section 175 is modified in relation to segregated schemes by regulation 73, in relation to non-segregated schemes by regulation 74, and in relation to multi-employer sections of segregated schemes by regulation 75, of S.I. 2005/441, amended by regulation 5(10) of S.I. 2005/993.
f2: The regulations made under section 126(1)(b) and (5) are S.I. 2005/590, amended by S.I. 2005/993, 2113, 2153 and 2224.