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(  21  )

 
 

(c)   

the insolvency practitioner or former insolvency practitioner who

 

issued the notice under section 116 or, where that notice was issued

 

by the Board by virtue of section 117, the insolvency practitioner or

 

former insolvency practitioner mentioned in subsection (1) of that

 

section,

 

(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.

 

(4)   

A notice under subsection (3)—

 

(a)   

must be in the prescribed form and contain such information as

 

may be prescribed, and

 

(b)   

where it is given in relation to a withdrawal notice issued under

 

section 116(2)(b) which has become binding, must state the time

 

from which the Board ceases to be involved with the scheme (see

 

section 140).”

Clause 118

115

Page 81, line 30, leave out “In” and insert “Subject to the following provisions of

 

this section, in”

116

Page 81, line 36, at end insert—

 

“(3)   

Regulations may provide that where—

 

(a)   

an assessment period begins in relation to an eligible scheme (see

 

section 124), and

 

(b)   

after the beginning of that period, the scheme ceases to be an

 

eligible scheme,

 

   

the scheme is, in such circumstances as may be prescribed, to be treated as

 

remaining an eligible scheme for the purposes of such of the provisions

 

mentioned in subsection (4) as may be prescribed.

 

(4)   

Those provisions are—

 

(a)   

any provision of this Part, and

 

(b)   

any other provision of this Act in which “eligible scheme” has the

 

meaning given by this section.

 

(5)   

Regulations may also provide that a scheme which would be an eligible

 

scheme in the absence of this subsection is not an eligible scheme in such

 

circumstances as may be prescribed.”

Clause 119

117

Page 82, line 10, leave out from “time” to “and” in line 12 and insert “a scheme

 

failure notice is issued under section 116(2)(a) in relation to the scheme and that

 

notice becomes binding,”

118

Page 82, line 13, 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

 

period—

 

(i)   

beginning with the occurrence of the qualifying insolvency

 

event, and


 

(  22  )

 
 

(ii)   

ending immediately before the issuing of the scheme failure

 

notice under section 116(2)(a),

 

   

and the occurrence of such a withdrawal event in respect of a

 

withdrawal notice issued during that period is not a possibility (see

 

section 140).”

119

Page 82, line 19, at end insert “and”

120

Page 82, line 25, leave out from “event” to end of line 26

121

Page 82, line 30, after “scheme” insert “rules”

Clause 120

122

Page 83, line 4, leave out from “a” to “and” in line 6 and insert “scheme failure

 

notice under section 122(2) in relation to the scheme and that notice becomes

 

binding,”

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

 

period—

 

(i)   

beginning with the making of the section 121 application or,

 

as the case may be, the receipt of the section 121 notification,

 

and

 

(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

 

section 140).”

124

Page 83, line 13, after “scheme” insert “rules”

125

Page 83, line 19, leave out “respect of” and insert “relation to”

Clause 122

126

Page 84, line 17, at end insert “(a “scheme failure notice”)”

127

Page 84, line 19, leave out “withdrawal notice” and insert “notice to that effect (a

 

“withdrawal notice”)”

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

 

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.


 

(  23  )

 
 

(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

 

together with a copy of the binding notice to—

 

(a)   

the Regulator,

 

(b)   

the trustees or managers of the scheme, and

 

(c)   

the employer.

 

(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).”

Clause 123

129

Page 84, line 42, leave out “are equivalent” and insert “correspond”

Clause 125

130

Page 86, line 7, after “members” insert “of any class”

131

Page 86, line 18, after “scheme” insert “rules”

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.

 

(7B)   

In subsection (7A)—

 

   

“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).”

Clause 126

134

Page 87, line 8, at end insert “rules”

Clause 127

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—

 

(a)   

136

Page 87, line 29, after first “scheme” insert “rules”

137

Page 87, line 32, after third “of” insert “—

 

(i)”   

138

Page 87, line 33, at end insert “, or

 

(ii)   

such other liabilities as may be prescribed.”


 

(  24  )

139

Page 87, line 34, leave out “This subsection applies” and insert—

 

“(4A)   

Subsection (4)—

 

(a)   

is subject to section 130, and

 

(b)   

applies”

140

Page 87, line 36, at end insert—

 

“(4B)   

Subsection (4C) applies 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.

 

   

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.”

Clause 128

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.”

Clause 129

143

Page 88, line 40, leave out subsections (4) to (6)

Clause 130

144

Page 89, line 11, leave out “Subsection (2) applies” and insert “Subsections (2) and

 

(2A) apply”

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,


 

(  25  )

 
 

   

no benefits are payable to or in respect of him under the scheme during the

 

assessment period.

 

(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

 

of any member;

 

(b)   

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

 

assessment period, and

 

(b)   

during the assessment period, a person becomes entitled under the

 

scheme rules to a benefit of a prescribed description in respect of the

 

member,

 

   

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

 

assessment period.”

153

Page 89, line 45, after “(2)” insert “or (2A)”

Clause 131

154

Page 90, line 5, after “scheme” insert “rules”


 
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