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(  14  )

 

After Clause 51  

72

Insert the following new Clause—

 

“Sections 35 to 51: partnerships and limited liability partnerships

 

(1)   

For the purposes of any of sections 35 to 51, regulations may modify any of

 

the definitions mentioned in subsection (2) (as applied by any of those

 

sections) in relation to—

 

(a)   

a partnership or a partner in a partnership;

 

(b)   

a limited liability partnership or a member of such a partnership.

 

(2)   

The definitions mentioned in subsection (1) are—

 

(a)   

section 249 of the Insolvency Act 1986 (c. 45) (connected persons),

 

(b)   

section 435 of that Act (associated persons),

 

(c)   

section 74 of the Bankruptcy (Scotland) Act 1985 (c. 66) (associated

 

persons), and

 

(d)   

section 736 of the Companies Act 1985 (c. 6) (meaning of

 

“subsidiary” and “holding company” etc).

 

(3)   

Regulations may also provide that any provision of sections 35 to 46

 

applies with such modifications as may be prescribed in relation to—

 

(a)   

any case where a partnership is or was—

 

(i)   

the employer in relation to an occupational pension scheme,

 

or

 

(ii)   

for the purposes of any of those sections, connected with or

 

an associate of the employer;

 

(b)   

any case where a limited liability partnership is—

 

(i)   

the employer in relation to an occupational pension scheme,

 

or

 

(ii)   

for the purposes of any of those sections, connected with or

 

an associate of the employer.

 

(4)   

Regulations may also provide that any provision of sections 47 to 51

 

applies with such modifications as may be prescribed in relation to a

 

partnership or a limited liability partnership.

 

(5)   

For the purposes of this section—

 

(a)   

“partnership” includes a firm or entity of a similar character formed

 

under the law of a country or territory outside the United Kingdom,

 

and

 

(b)   

references to a partner are to be construed accordingly.

 

(6)   

For the purposes of this section, “limited liability partnership” means—

 

(a)   

a limited liability partnership formed under the Limited Liability

 

Partnerships Act 2000 (c. 12) or the Limited Liability Partnerships

 

Act (Northern Ireland) 2002 (c. 12 (N.I.)), or

 

(b)   

an entity which is of a similar character to such a limited liability

 

partnership and which is formed under the law of a country or

 

territory outside the United Kingdom,

 

   

and references to a member of a limited liability partnership are to be

 

construed accordingly.

 

(7)   

This section is without prejudice to—


 

(  15  )

 
 

(a)   

section 293 (power to modify this Act in relation to certain

 

categories of scheme), and

 

(b)   

section 303(2) (power to extend the meaning of “employer”).”

Clause 52

73

Page 37, line 40, leave out from “debtor” to “subsection” in line 42 and insert—

 

“(a)   

has been adjudged bankrupt,

 

(b)   

is a body corporate which is being wound up or is in

 

administration, or

 

(c)   

is a partnership which is being wound up or is in administration,”

Clause 63

74

Page 45, line 17, leave out from “the” to end of line and insert “meaning given by

 

section 118;”

Clause 67

75

Page 47, line 41, at end insert—

 

   

“Part 7 (cross-border activities within European Union);”

76

Page 48, line 8, at end insert—

 

   

“Chapter 5 of Part 4 (early leavers: cash transfer sums and

 

contribution refunds);”

Clause 72

77

Page 53, line 7, leave out subsection (3) and insert—

 

“(3)   

In subsection (1), any reference in paragraph (a) or (b) to a document does

 

not include any document which is relevant to whether a person has

 

complied with—

 

(a)   

subsection (3) of section 228 (information and advice to employees)

 

or regulations under subsection (4) of that section, or

 

(b)   

any provision in force in Northern Ireland which corresponds to

 

that subsection (3) or is made under provision corresponding to

 

that subsection (4),

 

   

and is not relevant to the exercise of the Regulator’s functions for any other

 

reason.

 

(3A)   

For the purposes of subsection (1)(c)(iii), any liability to pay a penalty

 

under—

 

(a)   

section 10 of the Pensions Act 1995 (c. 26), or

 

(b)   

any corresponding provision in force in Northern Ireland,

 

   

which might arise out of a failure to comply with any provision within

 

subsection (3)(a) or (b) is to be disregarded.

 

(3B)   

References in subsection (2) to such a document as is mentioned in

 

subsection (1) are to be read in accordance with subsections (3) and (3A).”

78

Page 53, line 39, leave out from third “to” to “and” in line 41 and insert “the sheriff,”


 

(  16  )

 

Clause 76

79

Page 55, line 3, leave out from beginning to “restricted”

80

Page 55, line 8, leave out “except” and insert—

 

“(1A)   

Subsection (1) is subject to—

 

(a)   

subsection (1B), and

 

(b)   

sections 65(9), 77 to 82 and 225.

 

(1B)   

Subject to section 82(4), restricted information may be disclosed”

Clause 77

81

Page 55, line 33, leave out “76” and insert “76(1B)”

Clause 81

82

Page 57, line 26, at end insert “or of the Company Directors Disqualification

 

(Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),”

83

Page 58, line 11, after “7” insert “or 23(1)”

Clause 82

84

Page 58, line 45, leave out from “Sections” to “except” in line 46 and insert “76(1B),

 

77 to 81 and 225 do not apply to tax information which is disclosed to the Regulator

 

as mentioned in subsection (3), and such information may not be disclosed by the

 

Regulator or any person who receives the information directly or indirectly from

 

the Regulator”

Clause 87  

85

Page 62, line 8, at end insert—

 

“( )   

the power to issue a clearance statement under section (Section 35

 

contribution notices: clearance statements),”

86

Page 62, line 10, at end insert—

 

“( )   

the power to issue a clearance statement under section (Financial

 

support directions: clearance statements),”

87

Page 62, line 12, at end insert—

 

“( )   

the power to make an order under section 145(7A),

 

( )   

the power to make an order under section 210(3A),”

Clause 90  

88

Page 64, line 8, at end insert—

 

“( )   

Subsection (3) does not apply where the determination which is the subject-

 

matter of the determination notice is a determination to issue a clearance

 

statement under section (Section 35 contribution notices: clearance statements)

 

or (Financial support directions: clearance statements).”

89

Page 64, line 9, leave out “that determination” and insert “the determination which

 

is the subject-matter of the determination notice”

90

Page 64, line 9, after “function” insert “and subsection (3) applies”


 

(  17  )

91

Page 64, line 21, at end insert—

 

“( )   

the power to make an order under section 145(7A);

 

( )   

the power to make an order under section 210(3A);”

Clause 91

92

Page 66, line 13, at end insert—

 

“( )   

the power to make or extend a restraining order under section

 

(Pension liberation: restraining orders);”

Clause 95

93

Page 69, line 25, leave out “or”

94

Page 69, line 28, at end insert “, or

 

( )   

such other orders, notices or directions made, issued or given by the

 

Regulator, in the exercise of a regulatory function, as may be

 

prescribed.”

Clause 106

95

Page 74, line 3, leave out subsections (1) and (2)

96

Page 74, line 11, leave out subsection (4) and insert—

 

“(4)   

The Board must establish a committee to discharge the non-executive

 

functions on its behalf.

 

(4A)   

Only non-executive members of the Board may be members of that

 

committee.”

97

Page 74, line 15, leave out paragraphs (a) to (d)

98

Page 74, line 38, leave out “Non-Executive Committee” and insert “committee

 

established under this section”

99

Page 74, line 41, leave out “Non-Executive Committee’s” and insert “committee’s”

100

Page 74, line 42, at end insert—

 

“( )   

The members of any sub-committee of the committee (established by virtue

 

of paragraph 15(2) of Schedule 5)—

 

(a)   

may include persons who are not members of the committee, but

 

(b)   

must not include persons who are executive members or other staff

 

of the Board.”

101

Page 74, line 43, leave out “Non-Executive Committee” and insert “committee”

Clause 107

102

Page 75, line 4, at end insert—

 

“(1A)   

When exercising the power conferred by subsection (1) in relation to the

 

Pension Protection Fund, the Board must have regard to—

 

(a)   

the interests of persons who are or may become entitled to

 

compensation under the pension compensation provisions (see

 

section 153) or any corresponding provisions in force in Northern

 

Ireland, and


 

(  18  )

 
 

(b)   

the effect of the exercise of the power on the rate of any levy which

 

may be imposed under section 165 or 166 or any corresponding

 

provision in force in Northern Ireland and the interests which

 

persons have in the rate of any such levy.

 

(1B)   

When exercising the power conferred by subsection (1) in relation to the

 

Fraud Compensation Fund, the Board must have regard to—

 

(a)   

the interests of members of occupational pension schemes in

 

relation to which section 180(1), or any corresponding provision in

 

force in Northern Ireland, applies, and

 

(b)   

the effect of the exercise of the power on the level of any levy which

 

may be imposed under section 180 or any corresponding provision

 

in force in Northern Ireland and the interests which persons have in

 

the rate of any such levy.”

Clause 108

103

Page 75, line 26, leave out “made by the Board about investments” and insert

 

“about investments made by or on behalf of the Board”

Clause 111

104

Page 76, line 23, leave out first “the”

Clause 113

105

Page 77, line 14, after “prepared,” insert “including the matters mentioned in

 

subsection (2A),”

106

Page 77, line 15, leave out from “prepared” to end of line 16 and insert “under

 

subsection (6) of section 106 by the committee established under that section”

107

Page 77, line 16, at end insert—

 

“(2A)   

The matters referred to in subsection (2)(a) are—

 

(a)   

the strategic direction of the Board and the manner in which it has

 

been kept under review;

 

(b)   

the steps taken to scrutinise the performance of the Chief Executive

 

in securing that the Board’s functions are exercised efficiently and

 

effectively;

 

(c)   

the Board’s objectives and targets and the steps taken to monitor

 

the extent to which they are being met.”

Clause 116

108

Page 80, line 13, leave out subsection (2) and insert—

 

“(2)   

An insolvency practitioner in relation to the employer must—

 

(a)   

if he is able to confirm that a scheme rescue is not possible, issue a

 

notice to that effect (a “scheme failure notice”), or

 

(b)   

if he is able to confirm that a scheme rescue has occurred, issue a

 

notice to that effect (a “withdrawal notice”).”

After Clause 116

109

Insert the following new Clause—


 

(  19  )

 
 

        

“Approval of notices issued under section 116

 

(1)   

This section applies where the Board receives a notice under section 116(6)

 

(“the section 116 notice”).

 

(2)   

The Board must determine whether to approve the section 116 notice.

 

(3)   

The Board must approve the section 116 notice if, and only if, it is

 

satisfied—

 

(a)   

that the insolvency practitioner or former insolvency practitioner

 

who issued the notice was required to issue it under that section,

 

and

 

(b)   

that the notice complies with any requirements imposed by virtue

 

of subsection (8) of that section.

 

(4)   

Where the Board makes a determination for the purposes of subsection (2),

 

it must issue a determination notice and give a copy of that notice to—

 

(a)   

the Regulator,

 

(b)   

the trustees or managers of the scheme,

 

(c)   

the insolvency practitioner or the former insolvency practitioner

 

who issued the section 116 notice,

 

(d)   

any insolvency practitioner in relation to the employer (who does

 

not fall within paragraph (c)), and

 

(e)   

if there is no insolvency practitioner in relation to the employer, the

 

employer.

 

(5)   

In subsection (4) “determination notice” means a notice which is in the

 

prescribed form and contains such information about the determination as

 

may be prescribed.”

Clause 117

110

Page 81, line 3, leave out from “scheme,” to “has” in line 8 and insert “—

 

(a)   

the Board determines under section (Approval of notices issued under

 

section 116) not to approve a notice issued under section 116 by an

 

insolvency practitioner or former insolvency practitioner in relation

 

to the employer, or

 

(b)   

an insolvency practitioner or former insolvency practitioner in

 

relation to the employer fails to issue a notice under section 116 and

 

the Board is satisfied that such a notice ought to have been issued

 

under that section.

 

(2)   

The obligations on the insolvency practitioner or former insolvency

 

practitioner imposed by subsections (2) and (4) of section 116 are to be

 

treated as obligations imposed on the Board and the Board must

 

accordingly issue a notice as required under that section.

 

(3)   

Subject to subsections (4) and (5), where a notice is issued under section 116

 

by the Board by virtue of this section, it”

111

Page 81, line 11, leave out “subsection (2)” and insert “section 116 by virtue of this

 

section”

112

Page 81, line 14, leave out from “scheme,” to end of line 16 and insert—

 

“(c)   

the insolvency practitioner or former insolvency practitioner

 

mentioned in subsection (1),


 

(  20  )

 
 

(d)   

any insolvency practitioner in relation to the employer (who does

 

not fall within paragraph (c)), and

 

(e)   

if there is no insolvency practitioner in relation to the employer, the

 

employer.”

113

Page 81, line 17, leave out subsection (5) and insert—

 

“(5)   

Where the Board—

 

(a)   

is required to issue a notice under section 116 by virtue of this

 

section, and

 

(b)   

is satisfied that the notice ought to have been issued at an earlier

 

time,

 

   

it must specify that time in the notice and the notice is to have effect as if it

 

had been issued at that time.”

After Clause 117

114

Insert the following new Clause—

 

        

“Binding notices confirming status of scheme

 

(1)   

Subject to subsection (2), for the purposes of this Part, a notice issued under

 

section 116 is not binding until—

 

(a)   

the Board issues a determination notice under section (Approval of

 

notices issued under section 116) approving the notice,

 

(b)   

the period within which the issue of the determination notice under

 

that section may be reviewed by virtue of Chapter 6 has expired,

 

and

 

(c)   

if the issue of the determination notice is so reviewed—

 

(i)   

the review and any reconsideration,

 

(ii)   

any reference to the PPF Ombudsman in respect of the issue

 

of the notice, and

 

(iii)   

any appeal against his determination or directions,

 

   

has been finally disposed of and the determination notice has not

 

been revoked, varied or substituted.

 

(2)   

Where a notice is issued under section 116 by the Board by virtue of section

 

117, the notice is not binding until—

 

(a)   

the period within which the issue of the notice may be reviewed by

 

virtue of Chapter 6 has expired, and

 

(b)   

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 issue

 

of the notice, and

 

(iii)   

any appeal against his determination or directions,

 

   

has been finally disposed of and the notice has not been revoked,

 

varied or substituted.

 

(3)   

Where a notice issued under section 116 becomes binding, the Board must

 

as soon as reasonably practicable give a notice to that effect together with a

 

copy of the binding notice to—

 

(a)   

the Regulator,

 

(b)   

the trustees or managers of the scheme,


 
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