The Pension Protection Fund (Payments to meet Investment Costs) Regulations 2005

• Citation: S.I. 2005/1610
• Sections: 2

Section 1 Citation, commencement, extent and interpretation

(1) These Regulations may be cited as the Pension Protection Fund (Payments to meet Investment Costs) Regulations 2005 and shall come into force on 7th July 2005.

(2) These Regulations extend to England, Wales, Scotland and Northern Ireland .

(3) In these Regulations—

“ the Act ” means the Pensions Act 2004;

“ the Fund ” means the Pension Protection Fund;

“custodian” means an individual who or firm which is appointed by the Board to safeguard and administer the investment of the Fund, where the Fund is being managed by a fund manager.

Section 2 Payments to fund managers and custodians

The Board may pay from the Fund any sum required to make payments in accordance with a contract entered into with a fund manager or custodian where—

(a) the fund manager or custodian was appointed for the purposes of section 113(1) of the Act (investment of funds); and

(b) the contract entered into only contains terms which are necessary for the prudent management of the Fund’s financial affairs.