The Financial Assistance Scheme (Amendment) Regulations 2008

• Citation: S.I. 2008/3069
• Sections: 3

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Financial Assistance Scheme (Amendment) Regulations 2008 and shall come into force on 23rd December 2008.

(2) In these Regulations, “the FAS Regulations ” means the Financial Assistance Scheme Regulations 2005 .

Section 2 Amendment of the FAS Regulations

(1) Regulation 9 of the FAS Regulations (qualifying pension schemes) is amended as follows.

(2) At the beginning of paragraph (1)(b) insert “except where paragraph (1B) applies,”.

(3) After paragraph (1A) insert—

(1B) This paragraph applies where—

(a) the scheme began to wind up during the period beginning on 6th April 2005 and ending on 22nd December 2008;

(b) paragraph (i) or (ii) of paragraph (1)(c) applies by virtue of an insolvency event which occurred before 6th April 2005; and

(c) there has not been an insolvency event in relation to the relevant employer which would be a qualifying insolvency event for the purposes of section 127 or Article 111 (duty to assume responsibility for schemes following insolvency event) if the scheme were an eligible scheme.

(1C) In paragraph (1B)—

“eligible scheme” has the meaning given in section 126 or, as the case may be, Article 110 (eligible schemes);

“relevant employer” means the employer in relation to the scheme or, in relation to a multi-employer scheme, any employer or employers in relation to the scheme.

Section 3 Consequential provision

(1) Where a scheme is a qualifying pension scheme for the purposes of the FAS Regulations by virtue of these Regulations, that scheme—

(a) is not an eligible scheme for the purposes of section 126(1)(b) of the Pensions Act 2004 or Article 110(1)(b) of the Pensions (Northern Ireland) Order 2005 (eligible schemes); and

(b) remains a qualifying pension scheme for the purposes of the FAS Regulations if, on or after 23rd December 2008, there is an insolvency event in relation to the relevant employer which would be a qualifying insolvency event for the purposes of section 127 of that Act or Article 111 of that Order (duty to assume responsibility for schemes following insolvency event) if the scheme were such an eligible scheme.

(2) In paragraph (1), “relevant employer” means the employer in relation to the scheme or, in relation to a multi-employer scheme, any employer or employers in relation to the scheme.