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Malcolm Wicks
447
Clause 108, page 67, line 4, leave out 'give a notice to that effect' and insert 'issue a notice to that effect and give a copy of that notice'.
Malcolm Wicks
448
Clause 108, page 67, line 13, leave out from beginning to 'an' and insert 'The validation of'.
Malcolm Wicks
449
Clause 108, page 67, leave out lines 14 and 15 and insert—
| (i) | the Board has issued a notice under subsection (2) relating to the determination, and |
| (ii) | the period within which the issue of that notice may be reviewed by virtue of Chapter 6 has expired, and'. |
Malcolm Wicks
450
Clause 108, page 67, line 16, leave out 'determination' and insert 'issue of the notice'.
Malcolm Wicks
451
Clause 108, page 67, line 19, leave out 'determination' and insert 'issue of the notice'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
409
Clause 109, page 67, line 29, at end insert—
'For the avoidance of doubt, the Board will have the same powers as the trustees would have had to enter into a 'Bradstock' compromise.'.
Malcolm Wicks
452
Clause 111, page 68, line 26, leave out 'This section' and insert 'Subsection (2)'.
Malcolm Wicks
453
Clause 111, page 68, line 41, leave out from beginning of line to end of line 43 and insert 'the assessment period ends because the conditions in section 119(2) or (5) are satisfied,'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
410
Clause 111, page 68, line 45, after 'scheme' insert '(but not from their personal assets)'.
Malcolm Wicks
454
Clause 111, page 69, line 2, after '(3)(b)', insert '(i)'.
Malcolm Wicks
455
Clause 112, page 69, line 25, leave out 'Chapter' and insert 'section'.
Malcolm Wicks
456
Clause 112, page 69, line 32, leave out 'those purposes' and insert 'the purposes of this section'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
260
Clause 113, page 70, line 8, at end insert ', and
| ( ) | recognised trade unions and organisations representing the pensioner members of the scheme.'. |
Malcolm Wicks
457
Clause 114, page 70, line 20, leave out 'determination' and insert 'approval'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
261
Clause 116, page 71, line 40, at end insert ', and
| '( ) | recognised trades unions and organisations representing the pensioner members of the scheme.'. |
Mr Malcolm Wicks
458
Clause 117, page 72, line 16, leave out 'before the end of' and insert ', and no further insolvency event occurs in relation to the employer, during'.
Malcolm Wicks
380
Clause 117, page 72, line 30, after 'occur' insert 'before the end of the period of six months beginning with that date'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
262
Clause 117, page 72, line 42, at end insert 'who shall have a duty to inform the members of the scheme'.
Malcolm Wicks
381
Clause 118, page 73, line 21, leave out paragraph (a).
Malcolm Wicks
460
Clause 119, page 73, line 38, leave out subsections (1) to (5) and insert—
'(1) Where, in relation to an eligible scheme, an assessment period within section 104(2) or (4) comes to an end because the conditions in subsection (2) of this section are satisfied, the trustees or managers of the scheme must—
| (a) | wind up the scheme, or |
| (b) | where the winding up of the scheme began before the assessment period (whether by virtue of section 177 or otherwise), continue the winding up of the scheme. |
(2) The conditions are—
| (a) | that subsection (2) or (2A) of section 120 (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to the scheme, |
| (i) | the trustees or managers did not make an application under that section or section [schemes required to wind up but unable to buy out liabilities](1) within the authorised period (within the meaning of section 120(4A)) (or any such application has been withdrawn), or |
| (ii) | if such an application was made, it has been finally determined, and |
| (c) | that, if an application was made under section 120, the Board is not required to assume responsibility for the scheme by virtue of section 121(2). |
(3) For the purposes of subsection (2)(b)(ii) an application is not finally determined until—
| (a) | the Board has issued a determination notice in respect of the application under section 121 or, as the case may be, [schemes required to wind up but unable to buy out liabilities], |
| (b) | the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and |
| (c) | if the issue of the notice is so reviewed— |
| (i) | the review and any reconsideration, |
| (ii) | any reference to the PPF Ombudsman in respect of the determination, and |
| (iii) | any appeal against his determination or directions, |
has been finally disposed of.
(4) Where, in relation to an eligible scheme, an assessment period within section [closed schemes: further assessment periods](2) comes to an end because the conditions in subsection (5) of this section are satisfied, the trustees or managers of the scheme must continue the winding up of the scheme begun (whether in accordance with this section or otherwise) before that assessment period.
(5) The conditions are—
| (a) | that an application is made by, or notice is given to, the trustees or managers of the scheme under section [applications and notifications where schemes have insufficient assets], |
| (b) | that the valuation obtained by the Board in respect of the scheme under section [duty to assume responsibility for closed schemes](3) has become binding, and |
| (c) | that the Board is not required to assume responsibility for the scheme by virtue of section [duty to assume responsibility for closed schemes](1).'. |
Malcolm Wicks
461
Clause 119, page 74, line 35 , leave out '(4)(a)' and insert '(1)(a)'.
Malcolm Wicks
459
To move, That Clause 119 be transferred to the end of line 45 on page 76.
Malcolm Wicks
462
Clause 120, page 75, line 7, leave out from beginning of line to 'for' in line 8 and insert 'Where subsection (2) or (2A) applies in relation to an eligible scheme, the trustees or managers of the scheme may make an application to the Board under this section'.
Malcolm Wicks
463
Clause 120, page 75, line 10, leave out subsection (2) and insert—
'(2) This subsection applies where—
| (a) | a notice confirming that a scheme rescue is not possible in relation to the scheme has been issued under section 96(2) and the trustees or managers have received a copy of that notice under section 96(6) (or, in a case to which section 97 applies, under subsection (4) of that section), |
| (b) | the valuation obtained by the Board under section 112 in respect of the scheme has become binding, and |
| (c) | the Board would have been required to assume responsibility for the scheme under section 99 but for the fact that the condition in subsection (2)(a) of that section was not satisfied. |
(2A) This subsection applies where—
| (a) | the Board has issued a notice under subsection (2) of section 102 confirming that a scheme rescue is not possible in relation to the scheme and the trustees or managers have received a copy of that notice under subsection (4) of that section, |
| (b) | the valuation obtained by the Board under section 112 in respect of the scheme has become binding, and |
| (c) | the Board would have been required to assume responsibility for the scheme under section 100 but for the fact that the condition in subsection (2)(a) of that section was not satisfied.'. |
Malcolm Wicks
464
Clause 120, page 75, line 19, leave out subsection (4) and insert—
'(4) An application under this section must be made within the authorised period.
(4A) In this section "the authorised period" means the prescribed period which begins—
| (a) | where subsection (2) applies, with the later of— |
| (i) | the day on which the trustees or managers received the copy notice mentioned in paragraph (a) of that subsection, and |
| (ii) | the day on which they were notified of the binding valuation mentioned in paragraph (b) of that section, and |
| (b) | where subsection (2A) applies, with the later of— |
| (i) | the day on which the trustees or managers received the copy notice mentioned in paragraph (a) of that subsection, and |
| (ii) | the day on which they were notified of the binding valuation mentioned in paragraph (b) of that subsection.'. |
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