PART 1 continued
(1) This section applies where a restoration order is made under section 52 in respect of a transaction involving assets of a scheme.
(2) Where the restoration order imposes an obligation on a person to do something, the order must specify the period within which the obligation must be complied with.
(3) Where the restoration order imposes an obligation on a person (“A”) to transfer or pay a sum of money to a person specified in the order (“B”), the sum is to be treated as a debt due from A to B.
(4) Where the trustees or managers of the scheme are the persons to whom the debt is due, the Regulator may on their behalf, exercise such powers as the trustees or managers have to recover the debt.
(5) But during any assessment period (within the meaning of section 132) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a restoration order are exercisable by the Board of the Pension Protection Fund to the exclusion of the trustees or managers and the Regulator.
(6) Where, by virtue of subsection (5), any amount is transferred or paid to the Board in respect of a debt due by virtue of a restoration order, the Board must pay the amount to the trustees or managers of the scheme.
(1) This section applies where—
(a) a restoration order is made under section 52 in respect of a transaction involving assets of a scheme (“the transaction”), and
(b) a person fails to comply with an obligation imposed on him by the order which is not an obligation to transfer or pay a sum of money.
(2) The Regulator may issue a notice to the person stating that the person is under a liability to pay the sum specified in the notice (a “contribution notice”)—
(a) to the trustees or managers of the scheme, or
(b) where the Board of the Pension Protection Fund has assumed responsibility for the scheme in accordance with Chapter 3 of Part 2 (pension protection), to the Board.
(3) The sum specified by the Regulator in a contribution notice may be either the whole or a specified part of the shortfall sum in relation to the scheme.
(4) The shortfall sum in relation to the scheme is the amount which the Regulator estimates to be the amount of the decrease in the value of the assets of the scheme as a result of the transaction having been entered into.
(1) This section applies where a contribution notice is issued to a person under section 55.
(2) The contribution notice must—
(a) contain a statement of the matters which it is asserted constitute the failure to comply with the restoration order under section 52 in respect of which the notice is issued, and
(b) specify the sum which the person is stated to be under a liability to pay.
(3) Where the contribution notice states that the person is under a liability to pay the sum specified in the notice to the trustees or managers of the scheme, the sum is to be treated as a debt due from the person to the trustees or managers of the scheme.
(4) In such a case, the Regulator may, on behalf of the trustees or managers of the scheme, exercise such powers as the trustees or managers have to recover the debt.
(5) But during any assessment period (within the meaning of section 132) in relation to the scheme, the rights and powers of the trustees or managers of the scheme in relation to any debt due to them by virtue of a contribution notice, are exercisable by the Board of the Pension Protection Fund to the exclusion of the trustees or managers and the Regulator.
(6) Where, by virtue of subsection (5), any amount is paid to the Board in respect of a debt due by virtue of a contribution notice, the Board must pay the amount to the trustees or managers of the scheme.
(7) Where the contribution notice states that the person is under a liability to pay the sum specified in the notice to the Board, the sum is to be treated as a debt due from the person to the Board.
(1) For the purposes of any of sections 38 to 56, regulations may modify any of the definitions mentioned in subsection (2) (as applied by any of those sections) in relation to—
(a) a partnership or a partner in a partnership;
(b) a limited liability partnership or a member of such a partnership.
(2) The definitions mentioned in subsection (1) are—
(a) section 249 of the Insolvency Act 1986 (c. 45) (connected persons),
(b) section 435 of that Act (associated persons),
(c) section 74 of the Bankruptcy (Scotland) Act 1985 (c. 66) (associated persons), and
(d) section 736 of the Companies Act 1985 (c. 6) (meaning of “subsidiary” and “holding company” etc).
(3) Regulations may also provide that any provision of sections 38 to 51 applies with such modifications as may be prescribed in relation to—
(a) any case where a partnership is or was—
(i) the employer in relation to an occupational pension scheme, or
(ii) for the purposes of any of those sections, connected with or an associate of the employer;
(b) any case where a limited liability partnership is—
(i) the employer in relation to an occupational pension scheme, or
(ii) for the purposes of any of those sections, connected with or an associate of the employer.
(4) Regulations may also provide that any provision of sections 52 to 56 applies with such modifications as may be prescribed in relation to a partnership or a limited liability partnership.
(5) For the purposes of this section—
(a) “partnership” includes a firm or entity of a similar character formed under the law of a country or territory outside the United Kingdom, and
(b) references to a partner are to be construed accordingly.
(6) For the purposes of this section, “limited liability partnership” means—
(a) a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12) or the Limited Liability Partnerships Act (Northern Ireland) 2002 (c. 12 (N.I.)), or
(b) an entity which is of a similar character to such a limited liability partnership and which is formed under the law of a country or territory outside the United Kingdom,
and references to a member of a limited liability partnership are to be construed accordingly.
(7) This section is without prejudice to—
(a) section 307 (power to modify this Act in relation to certain categories of scheme), and
(b) section 318(4) (power to extend the meaning of “employer”).
(1) In this section “section 423” means section 423 of the Insolvency Act 1986 (transactions defrauding creditors).
(2) The Regulator may apply for an order under section 423 in relation to a debtor if—
(a) the debtor is the employer in relation to an occupational pension scheme, and
(b) condition A or condition B is met in relation to the scheme.
(3) Condition A is that an actuarial valuation under section 143 obtained by the Board of the Pension Protection Fund in respect of the scheme indicates that the value of the assets of the scheme at the relevant time, as defined by that section, was less than the amount of the protected liabilities, as defined by section 131, at that time.
(4) Condition B is that an actuarial valuation, as defined by section 224(2), obtained by the trustees or managers of the scheme indicates that the statutory funding objective in section 222 is not met.
(5) In a case where the debtor—
(a) has been adjudged bankrupt,
(b) is a body corporate which is being wound up or is in administration, or
(c) is a partnership which is being wound up or is in administration,
subsection (2) does not enable an application to be made under section 423 except with the permission of the court.
(6) An application made under this section is to be treated as made on behalf of every victim of the transaction who is—
(a) a trustee or member of the scheme, or
(b) the Board.
(7) This section does not apply where the valuation mentioned in subsection (3) or (4) is made by reference to a date that falls before the commencement of this section.
(8) Expressions which are defined by section 423 for the purposes of that section have the same meaning when used in this section.
(1) The Regulator must compile and maintain a register of occupational pension schemes and personal pension schemes which are, or have been, registrable schemes (referred to in this Act as “the register”).
(2) In this section and sections 62 to 65 “registrable scheme” means an occupational pension scheme, or a personal pension scheme, of a prescribed description.
(3) In respect of each registrable scheme, the Regulator must record in the register—
(a) the registrable information most recently provided to it in respect of the scheme, and
(b) if the Regulator has received—
(i) a notice under section 62(5) (scheme which is wound up or ceases to be registrable),
(ii) a copy of a notice under section 160 (transfer notice), or
(iii) any notice, or copy of a notice, under any provision in force in Northern Ireland corresponding to a provision mentioned in sub-paragraph (i) or (ii),
that fact.
(4) In respect of each scheme which has been a registrable scheme, but
(a) has been, or is treated as having been, wound up, or
(b) has ceased to be a registrable scheme,
the Regulator must maintain in the register the registrable information last provided to it in respect of the scheme.
(5) Information recorded in the register must be so recorded in such manner as the Regulator considers appropriate.
(6) In particular, the register may consist of more than one part.
(7) In this section references to “registrable information”, in relation to a scheme to which any provision in force in Northern Ireland corresponding to section 60(2) (“the corresponding Northern Ireland provision”) applies, are to information of any description within the corresponding Northern Ireland provision.
(1) For the purposes of sections 59 to 65 “registrable information”, in relation to an occupational or personal pension scheme, means information within subsection (2).
(2) That information is—
(a) the name of the scheme;
(b) the address of the scheme;
(c) the full names and addresses of each of the trustees or managers of the scheme;
(d) the status of the scheme with respect to the following matters—
(i) whether new members may be admitted to the scheme;
(ii) whether further benefits may accrue to, or in respect of, members under the scheme;
(iii) whether further contributions may be paid towards the scheme;
(iv) whether any members of the scheme are active members;
(e) the categories of benefits under the scheme;
(f) in the case of an occupational pension scheme—
(i) the name and address of each relevant employer, and
(ii) any other name by which any relevant employer has been known at any time on or after the relevant date;
(g) in the case of an occupational pension scheme, the number of members of the scheme on the later of—
(i) the last day of the scheme year which ended most recently, and
(ii) the day on which the scheme became a registrable scheme; and
(h) such other information as may be prescribed.
(3) Regulations may make provision about the interpretation of any of the descriptions in subsection (2).
(4) For the purposes of subsection (2)(f)—
“relevant employer” means any person—
who is, or
who, at any time on or after 6th April 1975, has been,
the employer in relation to the scheme;
“relevant date”, in relation to a relevant employer, means—
6th April 1975, or
if later, the date on which the relevant employer first became the employer in relation to the scheme.
(1) Regulations may provide—
(a) for—
(i) information recorded in the register,
(ii) extracts from the register, or
(iii) copies of the register or of extracts from it,
to be provided to prescribed persons in prescribed circumstances, and
(b) for the inspection of—
(i) the register,
(ii) extracts from the register, or
(iii) copies of the register or of extracts from it,
by prescribed persons in prescribed circumstances.
(2) Regulations under subsection (1) may, in particular—
(a) confer functions on—
(i) the Secretary of State, or
(ii) a person authorised by him for the purposes of the regulations;
(b) make provision with respect to the disclosure of information obtained by virtue of the regulations.
(3) Regulations which contain any provision made by virtue of subsection (2)(b) may, in particular, modify section 82 (restricted information).
(4) The Secretary of State may direct the Regulator to submit to him statistical and other reports concerning—
(a) information recorded in the register, and
(b) the operation of the Regulator’s functions in relation to the register.
(5) A direction under subsection (4) may specify—
(a) the form in which, and
(b) the times at which,
reports required by the direction are to be submitted.
(6) The Secretary of State may publish any report submitted to him by virtue of a direction under subsection (4) in such manner as he considers appropriate.
(1) Subsection (2) applies where—
(a) a registrable scheme is established, or
(b) an occupational or personal pension scheme otherwise becomes a registrable scheme.
(2) The trustees or managers of the scheme must, before the end of the initial notification period—
(a) notify the Regulator that the scheme is a registrable scheme, and
(b) provide to the Regulator all the registrable information with respect to the scheme.
(3) In subsection (2), the “initial notification period” means the period of three months beginning with—
(a) the date on which the scheme is established, or
(b) if later, the date on which it becomes a registrable scheme.
(4) Where there is a change in any registrable information in respect of a registrable scheme, the trustees or managers of the scheme must as soon as reasonably practicable, notify the Regulator—
(a) of that fact, and
(b) of the new registrable information.
(5) Where a registrable scheme—
(a) ceases to be a registrable scheme, or
(b) is wound up (otherwise than under section 161(2) (effect of Board assuming responsibility for scheme)),
the trustees or managers of the scheme must as soon as reasonably practicable, notify the Regulator of that fact.
(6) If subsection (2), (4) or (5) is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(1) The Regulator must issue scheme return notices in accordance with this section requiring scheme returns to be provided in respect of registrable schemes.
(2) In respect of each registrable scheme, the Regulator—
(a) must issue the first scheme return notice in accordance with subsection (3), and
(b) must issue subsequent scheme return notices in accordance with subsection (4).
(3) The return date specified in a scheme return notice issued in respect of a scheme under subsection (2)(a)—
(a) must fall within the period of three years beginning with—
(i) the date on which the Regulator receives a notice under section 62(2)(a) in respect of the scheme, or
(ii) if earlier, the date on which the Regulator first becomes aware that the scheme is a registrable scheme, and
(b) if the trustees or managers have complied with paragraph (b) of section 62(2), must fall after the end of the period of one year beginning with the date on which they provided the information required by that paragraph to the Regulator.
(4) The return date specified in a scheme return notice issued in respect of a scheme under subsection (2)(b) must fall—
(a) within the period of three years, but
(b) after the end of the period of one year,
beginning with the return date specified in the previous scheme return notice issued in respect of the scheme.
(1) The trustees or managers of a registrable scheme in respect of which a scheme return notice is issued must, on or before the return date, provide a scheme return to the Regulator.
(2) If a scheme return in respect of a scheme is not provided in compliance with subsection (1), section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager of the scheme who has failed to take all reasonable steps to secure compliance.
(1) This section has effect for the purposes of sections 63 and 64.
(2) In those sections and this section, in relation to a scheme return notice—
“return date” means the date specified under subsection (3)(b) in the scheme return notice;
“scheme return” means a document in the form (if any) specified in the scheme return notice, containing the information required by the notice.
(3) A scheme return notice must specify—
(a) the descriptions of information required by it, and
(b) the return date,
and may specify the form in which that information is to be provided.
(4) A scheme return notice in respect of a registrable scheme—
(a) must require all registrable information in relation to the scheme, and
(b) may require other information which the Regulator reasonably requires for the purposes of the exercise of its functions in relation to the scheme.
(5) The return date specified in a scheme return notice must fall after the end of the period of 28 days beginning with the date on which the notice is issued.
(6) A scheme return notice must be in writing and is treated as issued in respect of a registrable scheme when it is sent to the trustees or managers of the scheme.
(1) The Regulator must keep in such manner as it thinks fit a register of all persons who are prohibited under section 3 of the Pensions Act 1995 (“the prohibition register”).
(2) Arrangements made by the Regulator for the prohibition register must secure that the contents of the register are not disclosed or otherwise made available to members of the public except in accordance with section 67.
(3) Nothing in subsection (2) requires the Regulator to exclude any matter from a report published under section 89 (reports of Regulator’s consideration of cases).
(1) The Regulator must make arrangements to secure that the prohibition register is open, during its normal working hours, for inspection in person and without notice at—
(a) the principal office used by it for the carrying out of its functions, and
(b) such other of its offices (if any) as it considers to be places where it would be reasonable for a copy of the register to be kept open for inspection.
(2) If a request is made to the Regulator—
(a) to state whether a particular person identified in the request is a person appearing in the prohibition register as prohibited in respect of an occupational trust scheme specified in the request,
(b) to state whether a particular person so identified is a person appearing in that register as prohibited in respect of a particular description of occupational trust schemes so specified, or
(c) to state whether a particular person so identified is a person appearing in that register as prohibited in respect of all occupational trust schemes,
the Regulator must promptly comply with the request in such manner as it considers reasonable.
(3) The Regulator may, in such manner as it considers appropriate, publish a summary of the prohibition register if (subject to subsections (6) to (8)) the summary—
(a) contains all the information described in subsection (4),
(b) arranges that information in the manner described in subsection (5),
(c) does not (except by identifying a person as prohibited in respect of all occupational trust schemes, in respect of a particular description of such schemes or in respect of a particular such scheme) identify any of the schemes in respect of which persons named in the summary are prohibited, and
(d) does not disclose any other information contained in the register.
(4) That information is—
(a) the full names and titles, so far as the Regulator has a record of them, of all the persons appearing in the register as persons who are prohibited,
(b) the dates of birth of such of those persons as are persons whose dates of birth are matters of which the Regulator has a record, and
(c) in the case of each person whose name is included in the published summary, whether that person appears in the register—
(i) as prohibited in respect of only one occupational trust scheme,
(ii) as prohibited in respect of one or more particular descriptions of such schemes, but not in respect of all such schemes, or
(iii) as prohibited in respect of all such schemes.
(5) For the purposes of paragraph (c) of subsection (4), the information in the published register must be arranged in three separate lists, one for each of the descriptions of prohibition specified in the sub-paragraphs of that paragraph.
(6) The Regulator must ensure, in the case of any published summary, that a person is not identified in the summary as a prohibited person if it appears to the Regulator that the determination by virtue of which that person appears in the register—
(a) is the subject of any pending reference, review, appeal or legal proceedings which could result in that person’s removal from the register, or
(b) is a determination which might still become the subject of any such reference, review, appeal or proceedings.
(7) The Regulator must ensure, in the case of any published summary, that the particulars relating to a person do not appear in a particular list mentioned in subsection (5) if it appears to the Regulator that a determination by virtue of which that person’s particulars would appear in that list—
(a) is the subject of any pending reference, review, appeal or legal proceedings which could result in such a revocation or other overturning of a prohibition of that person as would require his particulars to appear in a different list, or
(b) is a determination which might still become the subject of any such reference, review, appeal or proceedings.
(8) Where subsection (7) prevents a person’s particulars from being included in a particular list in the published summary, they must be included, instead, in the list (if any) in which they would have been included if the prohibition to which the reference, review, appeal or proceedings relate or might relate had already been revoked or otherwise overturned.
(9) For the purposes of this section a determination is one which might still become the subject of a reference, review, appeal or proceedings if, and only if, in the case of that determination—
(a) the time for the making of an application for a review or reference, or for the bringing of an appeal or other proceedings, has not expired, and
(b) there is a reasonable likelihood that such an application might yet be made, or that such an appeal or such proceedings might yet be brought.
(10) In this section—
“name”, in relation to a person any of whose names is recorded by the Regulator as an initial, means that initial;
“occupational trust scheme” means an occupational pension scheme established under a trust.
The Regulator may collect any information which appears to it to be relevant to the exercise of the functions of the Board of the Pension Protection Fund.
(1) Except where the Regulator otherwise directs, the appropriate person must give notice of any notifiable event to the Regulator.
(2) In subsection (1) “notifiable event” means—
(a) a prescribed event in respect of an eligible scheme, or
(b) a prescribed event in respect of the employer in relation to an eligible scheme.
(3) For the purposes of subsection (1)—
(a) in the case of an event within subsection (2)(a), each of the following is “the appropriate person”—
(i) the trustees or managers of the scheme,
(ii) a person of a prescribed description, and
(b) in relation to an event within subsection (2)(b), each of the following is “the appropriate person”—
(i) the employer in relation to the scheme,
(ii) a person of a prescribed description.
(4) A notice under subsection (1)—
(a) must be in writing, and
(b) subject to subsection (5), must be given as soon as reasonably practicable after the person giving it becomes aware of the notifiable event.
(5) Regulations may require a notice under subsection (1) to be given before the beginning of the prescribed period ending with the notifiable event in question.
(6) No duty to which a person is subject is to be regarded as contravened merely because of any information or opinion contained in a notice under this section.
This is subject to section 311 (protected items).
(7) Where the trustees or managers of a scheme fail to comply with an obligation imposed on them by subsection (1), section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies in relation to any trustee or manager who has failed to take all reasonable steps to secure compliance with that subsection.
(8) That section also applies to any other person who, without reasonable excuse, fails to comply with an obligation imposed on him by subsection (1).
(9) In this section—
“eligible scheme” has the meaning given by section 126;
“event” includes a failure to act.