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|
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| (c) | the insolvency practitioner or former insolvency practitioner who |
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| issued the notice under section 116 or, where that notice was issued |
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| by the Board by virtue of section 117, the insolvency practitioner or |
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| former insolvency practitioner mentioned in subsection (1) of that |
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| |
| (d) | any insolvency practitioner in relation to the employer (who does |
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| not fall within paragraph (c)), and |
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| (e) | if there is no insolvency practitioner in relation to the employer, the |
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| |
| (4) | A notice under subsection (3)— |
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| (a) | must be in the prescribed form and contain such information as |
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| |
| (b) | where it is given in relation to a withdrawal notice issued under |
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| section 116(2)(b) which has become binding, must state the time |
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| from which the Board ceases to be involved with the scheme (see |
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| |
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115 | Page 81, line 30, leave out “In” and insert “Subject to the following provisions of |
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| |
116 | Page 81, line 36, at end insert— |
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| “(3) | Regulations may provide that where— |
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| (a) | an assessment period begins in relation to an eligible scheme (see |
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| |
| (b) | after the beginning of that period, the scheme ceases to be an |
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| |
| | the scheme is, in such circumstances as may be prescribed, to be treated as |
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| remaining an eligible scheme for the purposes of such of the provisions |
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| mentioned in subsection (4) as may be prescribed. |
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| (4) | Those provisions are— |
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| (a) | any provision of this Part, and |
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| (b) | any other provision of this Act in which “eligible scheme” has the |
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| meaning given by this section. |
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| (5) | Regulations may also provide that a scheme which would be an eligible |
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| scheme in the absence of this subsection is not an eligible scheme in such |
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| circumstances as may be prescribed.” |
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|
117 | Page 82, line 10, leave out from “time” to “and” in line 12 and insert “a scheme |
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| failure notice is issued under section 116(2)(a) in relation to the scheme and that |
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| |
118 | Page 82, line 13, leave out paragraph (c) and insert— |
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| “(c) | a withdrawal event has not occurred in relation to the scheme in |
|
| respect of a withdrawal notice which has been issued during the |
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| |
| (i) | beginning with the occurrence of the qualifying insolvency |
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| |
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|
|
|
|
| (ii) | ending immediately before the issuing of the scheme failure |
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| notice under section 116(2)(a), |
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| | and the occurrence of such a withdrawal event in respect of a |
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| withdrawal notice issued during that period is not a possibility (see |
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| |
119 | Page 82, line 19, at end insert “and” |
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120 | Page 82, line 25, leave out from “event” to end of line 26 |
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121 | Page 82, line 30, after “scheme” insert “rules” |
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|
122 | Page 83, line 4, leave out from “a” to “and” in line 6 and insert “scheme failure |
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| notice under section 122(2) in relation to the scheme and that notice becomes |
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| |
123 | Page 83, line 7, leave out paragraph (c) and insert— |
|
| “(c) | a withdrawal event has not occurred in relation to the scheme in |
|
| respect of a withdrawal notice which has been issued during the |
|
| |
| (i) | beginning with the making of the section 121 application or, |
|
| as the case may be, the receipt of the section 121 notification, |
|
| |
| (ii) | ending immediately before the issuing of the scheme failure |
|
| notice under section 122(2), |
|
| | and the occurrence of such a withdrawal event in respect of a |
|
| withdrawal notice issued during that period is not a possibility (see |
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| |
124 | Page 83, line 13, after “scheme” insert “rules” |
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125 | Page 83, line 19, leave out “respect of” and insert “relation to” |
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|
126 | Page 84, line 17, at end insert “(a “scheme failure notice”)” |
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127 | Page 84, line 19, leave out “withdrawal notice” and insert “notice to that effect (a |
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| |
128 | Page 84, line 33, leave out subsection (6) and insert— |
|
| “(6) | For the purposes of this Part a notice issued under subsection (2) or (3) is |
|
| |
| (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 |
|
| |
| (iii) | any appeal against his determination or directions, |
|
| | has been finally disposed of and the notice has not been revoked, |
|
| |
|
|
|
|
|
| (7) | Where a notice issued under subsection (2) or (3) becomes binding, the |
|
| Board must as soon as reasonably practicable give a notice to that effect |
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| together with a copy of the binding notice to— |
|
| |
| (b) | the trustees or managers of the scheme, and |
|
| |
| (8) | Notices under this section must be in the prescribed form and contain such |
|
| information as may be prescribed. |
|
| (9) | A notice given under subsection (7) in relation to a withdrawal notice |
|
| under subsection (3) which has become binding must state the time from |
|
| which the Board ceases to be involved with the scheme (see section 140).” |
|
|
129 | Page 84, line 42, leave out “are equivalent” and insert “correspond” |
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|
130 | Page 86, line 7, after “members” insert “of any class” |
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131 | Page 86, line 18, after “scheme” insert “rules” |
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132 | Page 86, line 27, leave out from “scheme” to end of line 29 |
|
133 | Page 86, line 29, at end insert— |
|
| “(7A) | Where a person is entitled to a pension credit derived from another |
|
| person’s shareable rights under the scheme, nothing in this section |
|
| prevents the trustees or managers of the scheme discharging their liability |
|
| in respect of the credit under Chapter 1 of Part 4 of the Welfare Reform and |
|
| Pensions Act 1999 (c. 30) (sharing of rights under pension arrangements) |
|
| by conferring appropriate rights under the scheme on that person. |
|
| |
| | “appropriate rights” has the same meaning as in paragraph 5 of |
|
| Schedule 5 to that Act (pension credits: mode of discharge); |
|
| | “shareable rights” has the same meaning as in Chapter 1 of Part 4 of |
|
| that Act (sharing of rights under pension arrangements).” |
|
|
134 | Page 87, line 8, at end insert “rules” |
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|
135 | Page 87, line 26, leave out from “period” to “no” in line 28 and insert “, except in |
|
| prescribed circumstances and subject to prescribed conditions— |
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| |
136 | Page 87, line 29, after first “scheme” insert “rules” |
|
137 | Page 87, line 32, after third “of” insert “— |
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| |
138 | Page 87, line 33, at end insert “, or |
|
| (ii) | such other liabilities as may be prescribed.” |
|
|
|
|
|
139 | Page 87, line 34, leave out “This subsection applies” and insert— |
|
| |
| (a) | is subject to section 130, and |
|
| |
140 | Page 87, line 36, at end insert— |
|
| “(4B) | Subsection (4C) applies where, on the commencement of the assessment |
|
| |
| (a) | a member’s pensionable service terminates, and |
|
| (b) | he becomes a person to whom Chapter 5 of Part 4 of the Pension |
|
| Schemes Act 1993 (c. 48) (early leavers: cash transfer sums and |
|
| contribution refunds) applies. |
|
| | Section 141(2) (retrospective accrual of benefits in certain circumstances) is |
|
| to be disregarded for the purposes of determining whether a member falls |
|
| within paragraph (a) or (b). |
|
| (4C) | Where this subsection applies, during the assessment period— |
|
| (a) | no right or power conferred by that Chapter may be exercised, and |
|
| (b) | no duty imposed by that Chapter may be discharged.” |
|
141 | Page 87, line 36, at end insert— |
|
| “( ) | Where a person is entitled to a pension credit derived from another |
|
| person’s shareable rights (within the meaning of Chapter 1 of Part 4 under |
|
| of the Welfare Reform and Pensions Act 1999 (c. 30) (sharing of rights |
|
| under pension arrangements)) under the scheme, nothing in subsection (4) |
|
| prevents the trustees or managers of the scheme discharging their liability |
|
| in respect of the credit in accordance with that Chapter.” |
|
|
142 | Page 88, line 28, at end insert— |
|
| “( ) | In subsection (1) the reference to the assets of the scheme is a reference to |
|
| those assets excluding any assets representing the value of any rights in |
|
| respect of money purchase benefits under the scheme rules.” |
|
|
143 | Page 88, line 40, leave out subsections (4) to (6) |
|
|
144 | Page 89, line 11, leave out “Subsection (2) applies” and insert “Subsections (2) and |
|
| |
145 | Page 89, line 13, after “scheme” insert “rules” |
|
146 | Page 89, line 20, at end insert— |
|
| “(2A) | But where, on the commencement of the assessment period— |
|
| (a) | a member’s pensionable service terminates, and |
|
| (b) | he becomes a person to whom Chapter 5 of Part 4 of the Pension |
|
| Schemes Act 1993 (c. 48) (early leavers: cash transfer sums and |
|
| contribution refunds) applies, |
|
|
|
|
|
|
| | no benefits are payable to or in respect of him under the scheme during the |
|
| |
| (2B) | Section 141(2) (retrospective accrual of benefits in certain circumstances) is |
|
| to be disregarded for the purposes of determining whether a member falls |
|
| within paragraph (a) or (b) of subsection (2A). |
|
| (2C) | Nothing in subsection (2A) prevents the payment of benefits attributable |
|
| (directly or indirectly) to a pension credit during the assessment period in |
|
| accordance with subsection (2).” |
|
147 | Page 89, line 20, at end insert— |
|
| “(2D) | Where at any time during the assessment period the scheme is being |
|
| wound up, subject to any reduction required under subsection (2) and to |
|
| subsection (2A), the benefits payable to or in respect of any member under |
|
| the scheme rules during that period are the benefits that would have been |
|
| so payable in the absence of the winding up of the scheme. |
|
| (2E) | Subsections (2), (2A) and (2D) are subject to sections 141(1) to (1B) and |
|
| 145(9A) (which provide for the adjustment of amounts paid during an |
|
| assessment period when that period ends other than as a result of the Board |
|
| assuming responsibility for the scheme).” |
|
148 | Page 89, line 20, at end insert— |
|
| “( ) | For the purposes of subsections (2) and (2A) the trustees or managers of the |
|
| scheme may take such steps as they consider appropriate (including steps |
|
| adjusting future payments under the scheme rules) to recover any |
|
| overpayment or pay any shortfall.” |
|
149 | Page 89, line 23, leave out “subsection (2)” and insert “subsections (2) and (2A)” |
|
150 | Page 89, line 25, after “scheme” insert “— |
|
| (a) | in such circumstances as may be prescribed subsection (2) does not |
|
| operate to require the reduction of benefits payable to or in respect |
|
| |
| |
151 | Page 89, line 44, leave out subsection (6) |
|
152 | Page 89, line 44, at end insert— |
|
| “( ) | Regulations may provide that, in prescribed circumstances, where— |
|
| (a) | a member of the scheme died before the commencement of the |
|
| |
| (b) | during the assessment period, a person becomes entitled under the |
|
| scheme rules to a benefit of a prescribed description in respect of the |
|
| |
| | the benefit, or any part of it, is, for the purposes of subsection (2), to be |
|
| treated as having become payable before the commencement of the |
|
| |
153 | Page 89, line 45, after “(2)” insert “or (2A)” |
|
|
154 | Page 90, line 5, after “scheme” insert “rules” |
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|