Regulation 24 Schemes or benefits treated as money purchase falling outside regulations 20 to 22: insolvent employerI1

England, Wales and Scotland

(1)

This regulation applies where—

(a)

the circumstances specified in regulation 23(1) apply in relation to an occupational pension scheme; and

(b)

an event which is or would be (if this regulation did not apply)—

(i)

a relevant event within section 75(6A)(a) or (b) of the 1995 Act (in relation to periods on or after 6th April 2005); or

(ii)

a relevant insolvency event within section 75(4) of that Act (in relation to periods before that date),

has occurred in relation to the employer in relation to the scheme, or in a case where the scheme is a multi-employer scheme, all the employers in relation to the scheme.

(2)

Where this regulation applies, section 75 of the 1995 Act applies as if the assets and liabilities of the scheme relating to the non-money purchase benefits treated as money purchase benefits related to money purchase benefits, or (as the case may be), as if the scheme were a money purchase scheme.

Annotations

Commencement

I1: Reg. 24 comes into force in accordance with reg. 1(1)