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The Pension Protection Fund (Entry Rules) Amendment Regulations 2008

Type Statutory-Instrument

Publication 2008-07-07

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 7th July 2008

Laid before Parliament: 11th July 2008

Coming into force: 2nd August 2008

In accordance with section 317(1) of that Act, the Secretary of State has consulted such persons as he considers appropriate.

Citation and commencement

1

These Regulations may be cited as the Pension Protection Fund (Entry Rules) Amendment Regulations 2008 and shall come into force on 2nd August 2008.

Amendment of the Pension Protection Fund (Entry Rules) Regulations 2005

2

(1) The Pension Protection Fund (Entry Rules) Regulations 2005² are amended in accordance with this regulation.

(2) In regulation 3(1) (schemes which cease to be eligible schemes), at the end of sub-paragraph (b) insert—

or (c) the employer in relation to the scheme, or the last remaining employer in relation to a multi-employer scheme, is dissolved,

(3) After regulation 3(2), insert—

(3) In its application to a segregated scheme, paragraph (1) has effect as if each section of the scheme were a separate scheme.

Signed

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

Mike O’Brien — Minister of State, — Department for Work and Pensions — 7th July 2008

Explanatory note

(This note is not part of the Regulations )

EXPLANATORY NOTE

These Regulations amend the Pension Protection Fund (Entry Rules) Regulations 2005 (S.I. 2005/590) (“the Entry Rules Regulations”). Pension schemes are required to go through an assessment period to determine whether they can enter the Pension Protection Fund (“the Fund”). Some schemes cease to be eligible to enter the Fund during the assessment period because the sponsoring employer is dissolved. Regulation 2(2) of these Regulations allows such schemes to remain eligible to enter the Fund.

Regulation 2(3) changes the way regulation 3(1) of the Entry Rules Regulations applies to segregated schemes. It amends regulation 3 so that each section of a segregated scheme can remain eligible to enter the Fund.

A full Impact Assessment has not been published for this instrument as it has only a negligible impact on the private and voluntary sectors.

Footnotes

2004 c.35. Section 318(1) is cited for the meaning it gives to “prescribed” and “regulations”.

S.I. 2005/590. Relevant amending instrument is S.I. 2006/580.

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