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240 | Page 107, line 21, after “is” insert “(and has been)” |
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241 | Page 107, line 25, after “than” insert “— |
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242 | Page 107, line 26, at end insert “, and |
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| (b) | such other liabilities as may be prescribed” |
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243 | Page 107, line 37, at end insert— |
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| “(7) | Without prejudice to the generality of subsection (6), regulations may |
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| authorise the Board to modify a term of a relevant contract of insurance if— |
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| (a) | any rights or liabilities under the contract are transferred to the |
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| Board by virtue of subsection (2)(a), and |
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| (b) | as a result of the transfer, the Board is required, by reason of that |
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| term, to pay a specified amount or specified amounts to a specified |
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| person who, immediately before the time mentioned in subsection |
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| (2)(a), was a member of the scheme or a person entitled to benefits |
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| in respect of such a member. |
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| |
| | “relevant contract of insurance” means a contract of insurance |
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| |
| (a) | is entered with a view to securing the whole or part of the |
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| |
| (i) | any pension or other benefit payable to or in respect of |
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| one particular person whose entitlement to payment of |
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| a pension or other benefit has arisen, and |
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| (ii) | any benefit which will be payable in respect of that |
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| |
| |
| (i) | which may not be surrendered, or |
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| (ii) | in respect of which the amount payable on surrender |
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| does not exceed the liability secured; |
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| | “specified” means specified in, or determined in accordance with, the |
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| |
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244 | Page 107, line 39, leave out “pension” |
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245 | Page 108, line 5, leave out from “of” to end of line 6 and insert “, and the provisions |
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| made by virtue of, this section, sections 132 to 134, 152(2)(c), 155 and 159 and |
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| |
246 | Page 108, line 7, after “include” insert “any provision of, or made by virtue of,” |
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247 | Page 108, line 13, after “scheme” insert “rules” |
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248 | Page 108, line 14, leave out “assessment period” and insert “period beginning with |
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| the assessment date and ending with the receipt by the trustees or managers of the |
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| |
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249 | Page 108, line 15, leave out “transfer notice is given,” and insert “trustees or |
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| managers receive the transfer notice,” |
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250 | Page 108, line 18, at end insert— |
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| “( ) | Regulations may provide that, in prescribed circumstances, where— |
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| (a) | a member of the scheme died before the commencement of the |
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| |
| (b) | during the period mentioned in subsection (2)(a), a person became |
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| entitled under the scheme rules to a benefit of a prescribed |
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| description in respect of the member, |
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| | the benefit, or any part of it, is, for the purposes of subsection (2), to be |
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| treated as having become payable before the assessment date.” |
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251 | Page 108, line 20, leave out “assessment period” and insert “period mentioned in |
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| |
252 | Page 108, line 39, after “include” insert “— |
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| |
253 | Page 108, line 40, at end insert “, or |
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| (b) | any other amount of a prescribed description.” |
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254 | Page 108, line 41, after “Board” insert— |
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| “(a) | to recover any amount from a person in such circumstances as may |
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| |
| |
255 | Page 108, line 42, at end insert— |
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| “( ) | In this section “assessment date” is to be construed in accordance with |
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| |
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256 | Page 109, line 27, leave out from beginning to “must” in line 28 and insert— |
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| “( ) | This section applies where the Board assumes responsibility for a scheme |
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| in accordance with this Chapter. |
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| ( ) | Subject to subsection (2A), the Board” |
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257 | Page 109, line 28, leave out from “benefits” to “under” in line 29 and insert “which |
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| a person had become entitled to payment of” |
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258 | Page 109, line 33, at end insert— |
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| “(2A) | Subsection (1) does not apply in relation to the amount of— |
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| (a) | any transfer payment, or |
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| (b) | any payment in respect of a refund of contributions.” |
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259 | Page 109, line 33, at end insert— |
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| “(2B) | Regulations may provide that, in prescribed circumstances, where— |
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| (a) | a member of the scheme died before the commencement of the |
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| |
| (b) | during the period beginning with the assessment date and ending |
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| with the receipt by the trustees or managers of the transfer notice, a |
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| person became entitled under the scheme rules to a benefit of a |
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| prescribed description in respect of the member, |
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| | that person’s entitlement to the benefit, or to any part of it, is, for the |
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| purposes of subsection (1), to be treated as having arisen before the |
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| |
260 | Page 109, line 33, at end insert— |
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| “(2C) | Regulations may make provision requiring the Board, in such |
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| circumstances as may be prescribed, to take such steps (including making |
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| payments) as may be prescribed in respect of rights of prescribed |
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| descriptions to which members of the scheme were entitled immediately |
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| before the commencement of the assessment period. |
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| (2D) | For the purposes of regulations made under subsection (2C)— |
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| (a) | this Chapter (other than this subsection), and |
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| (b) | the scheme rules (including any relevant legislative provision |
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| within the meaning of section 303(1B)), |
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| | are to have effect subject to such modifications as may be prescribed.” |
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261 | Page 109, line 34, leave out “and “scheme rules” are” and insert “is” |
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262 | Page 109, line 39, after “where” insert “— |
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| |
263 | Page 109, line 42, leave out “(a)” and insert “(i)” |
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264 | Page 109, line 43, leave out “(b)” and insert “(ii)” |
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265 | Page 109, line 43, at end insert “, or |
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| (b) | in prescribed circumstances, any such liability of a prescribed |
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| description is discharged on the assessment date but before the |
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| commencement of the assessment period.” |
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266 | Page 109, line 43, at end insert— |
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| “( ) | In this section “assessment date” is to be construed in accordance with |
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| |
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267 | Page 110, line 8, leave out “payable under Schedule 7” |
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268 | Page 110, line 11, leave out paragraph (c) |
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269 | Page 110, line 27, at end insert “or under section 133(2)” |
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270 | Page 110, line 37, at end insert— |
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| “( ) | in prescribed circumstances, by the payment of a cash sum |
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| calculated in the prescribed manner.” |
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271 | Page 111, leave out line 14 |
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272 | Page 111, line 28, leave out from “functions” to end of line 29 and insert “so far as |
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| it relates (directly or indirectly) to that pensionable service—” |
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273 | Page 111, line 41, leave out “to” and insert “(directly or indirectly) to any” |
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274 | Page 111, line 41, leave out “under the scheme” |
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275 | Page 112, line 6, at end insert— |
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| “( ) | section 160 (discharge of liabilities in respect of compensation),” |
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276 | Page 112, line 9, leave out “in paragraph 33 of Schedule 7” and insert “by section |
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| 124(1) of the Pensions Act 1995 (c. 26)” |
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277 | Page 112, line 40, leave out “date” and insert “time” |
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278 | Page 113, line 2, at end insert “rules” |
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279 | Page 114, line 22, leave out “that date” and insert “the day referred to in paragraph |
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| |
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280 | Page 114, line 32, leave out “one or” |
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281 | Page 114, line 33, after “of” insert “all” |
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282 | Page 114, line 41, after “scheme” insert “rules” |
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283 | Page 114, line 42, after “liabilities,” insert— |
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| “( ) | the likelihood of an insolvency event occurring in relation to |
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| the employer in relation to a scheme,” |
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284 | Page 115, line 2, leave out from “to” to end of line and insert “— |
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| (i) | the amount of a scheme’s liabilities to or in respect of |
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| members (other than liabilities in respect of money |
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| |
| (ii) | if the Board considers it appropriate, one or more other |
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| scheme factors mentioned in subsection (4).” |
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285 | Page 115, line 5, leave out paragraph (a) |
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286 | Page 115, line 10, after “The” insert “other” |
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287 | Page 115, line 10, leave out “(2)(b)” and insert “(2)(b)(ii)” |
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288 | Page 115, line 15, leave out paragraph (c) |
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289 | Page 115, line 20, leave out paragraph (a) |
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290 | Page 115, line 22, leave out “levy or” |
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291 | Page 115, line 25, leave out “levy or” |
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292 | Page 115, line 26, leave out “levy or” |
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