http://www.legislation.gov.uk/nisi/2005/255/part/III/2015-04-06The Pensions (Northern Ireland) Order 2005texttext/xmlenStatute Law Database2024-12-20Expert Participation2015-04-06 The Pensions (Northern Ireland) Order 2005art. 267(4)(f) and wordPension Schemes Act 2021Sch. 6 para. 20(b)s. 131(1)s. 131(3)(a)The Pensions (Northern Ireland) Order 2005art. 34(7)(da)Pension Schemes Act 2021Sch. 8 para. 3(2)s. 131(2)(b)The Pensions (Northern Ireland) Order 2005art. 75(1)(a)(iib)Pension Schemes Act 2021Sch. 8 para. 8(2)s. 131(2)(b)The Pensions (Northern Ireland) Order 2005Sch. 6 para. 21(2)(c)-(cc)Pensions (No. 2) Act (Northern Ireland) 2008Sch. 6 para. 11s. 73s. 118(1)The Pensions (Northern Ireland) Order 2005art. 191(5)Pensions (No. 2) Act (Northern Ireland) 2008Sch. 9 para. 6s. 73s. 118(1)The Pensions (Northern Ireland) Order 2005art. 2(4)(b)(viii)-(x)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 21(3)(b)s. 52(2)The Pensions (Northern Ireland) Order 2005art. 19(1A)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 24(3)s. 52(2)The Pensions (Northern Ireland) Order 2005art. 19(10A)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 24(5)s. 52(2)The Pensions (Northern Ireland) Order 2005art. 34(1)-(1B)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 25s. 52(2)The Pensions (Northern Ireland) Order 2005art. 39(1)-(1B)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 26(2)s. 52(2)The Pensions (Northern Ireland) Order 2005art. 48(1)-(1B)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 27s. 52(2)The Pensions (Northern Ireland) Order 2005art. 110(1)-(1B)Pension Schemes Act (Northern Ireland) 2016Sch. 2 para. 29s. 52(2) The Pensions (Northern Ireland) Order 2005 PART IIICHAPTER 11011Articles 158 and 171 make provision for contributions to the Pension Protection Fund and the Fraud Compensation Fund to be levied by the Board.2The Board may do anything which—ais calculated to facilitate the exercise of its functions, orbis incidental or conducive to their exercise.3Schedule 4 makes further provision about the Board.102The Department may pay the Board such sums as the Department may determine towards any of the Board's expenses, other than expenditure which by virtue of section 173(3) or 188(3) of the Pensions Act 2004 (c. 35) is payable out of—athe Pension Protection Fund, orbthe Fraud Compensation Fund.1031Regulations may provide for the imposition of a levy ( “administration levy”) in respect of eligible schemes (see Article 110) for the purpose of meeting—aexpenditure relating to the establishment of the Board;bany expenditure of the Department under Article 102 or of the Secretary of State under section 116 of the Pensions Act 2004 (c. 35).2An administration levy is payable to the Department by or on behalf of—athe trustees or managers of an eligible scheme, orbany other prescribed person.3An administration levy is payable at the prescribed rate and at prescribed times.4Before prescribing a rate under paragraph (3), the Department must consult the Board.5An amount payable by a person on account of an administration levy is a debt due from him to the Department.6An amount so payable is recoverable by the Department or, if the Department so determines, by the Regulator on its behalf.7Without prejudice to the generality of paragraphs (1), (5) and (6), regulations under this Article may include provision relating to—athe collection and recovery of amounts payable by way of levy under this Article;bthe circumstances in which any such amount may be waived.103A1Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of an administration levy.2Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.3Interest payable by a person by virtue of this Article is a debt due from the person to the Department.4Interest is recoverable by the Department or, if the Department so determines, by the Regulator on the Department's behalf.5Without prejudice to the generality of paragraph (1), regulations under this Article may include provision relating to—athe collection and recovery of interest;bthe circumstances in which interest may be waived.CHAPTER 21041 This Article applies where, in the case of an occupational pension scheme, an insolvency event occurs in relation to the employer.2The insolvency practitioner in relation to the employer must give a notice to that effect within the notification period to—athe Board,bthe Regulator, andcthe trustees or managers of the scheme.3For the purposes of paragraph (2) the “notification period” is the prescribed period beginning with the later of—athe insolvency date, andbthe date the insolvency practitioner becomes aware of the existence of the scheme.4A notice under this Article must be in such form and contain such information as may be prescribed.1051In this Part each of the following expressions has the meaning given to it by this Article—“insolvency event”,“insolvency date”,“insolvency practitioner”.2An insolvency event occurs in relation to an individual where—ahe is adjudged bankrupt;bthe nominee in relation to a proposal for a voluntary arrangement under Chapter 2 of Part VIII of the Insolvency Order submits a report to the Court under Article 230(1) or 230A(3) of that Order which states that in his opinion a meeting of the individual's creditors should be summoned to consider the debtor's proposal;ca deed of arrangement made by, for, or in respect of the affairs of the individual is registered under Chapter 1 of Part VIII of that Order;dhe executes a trust deed for his creditors or enters into a composition contract;ehe has died and an insolvency administration order is made in respect of his estate in accordance with an order under Article 365 of that Order.3An insolvency event occurs in relation to a company where—athe nominee in relation to a proposal for a voluntary arrangement under Part II of the Insolvency Order submits a report to the Court under Article 15 of that Order (procedure where nominee is not the liquidator or administrator) which states that in his opinion meetings of the company and its creditors should be summoned to consider the proposal;bthe directors of the company file with the Court documents and statements in accordance with paragraph 18(1) of Schedule A1 to that Order (moratorium where directors propose voluntary arrangement);can administrative receiver within the meaning of Article 5 of that Order is appointed in relation to the company;dthe company enters administration within the meaning of paragraph 2(2)(b) of Schedule B1 to that Order;ea resolution is passed for a voluntary winding up of the company without a declaration of solvency under Article 75 of that Order;fa meeting of creditors is held in relation to the company under Article 81 of that Order (creditors' meeting which has the effect of converting a members' voluntary winding up into a creditors' voluntary winding up);gan order for the winding up of the company is made by the Court under Part V or VI of that Order.4An insolvency event occurs in relation to a partnership where—aan order for the winding up of the partnership is made by the Court under any provision of the Insolvency Order (as applied by an order under Article 364 of that Order (insolvent partnerships));bthe nominee in relation to a proposal for a voluntary arrangement under Part II of that Order (as applied by an order under Article 364 of that Order) submits a report to the Court under Article 15 of that Order (procedure where nominee is not the liquidator or administrator) which states that in his opinion meetings of the members of the partnership and the partnership's creditors should be summoned to consider the proposal;cthe members of the partnership file with the Court documents and statements in accordance with paragraph 18(1) of Schedule A1 to that Order (moratorium where directors propose voluntary arrangement) (as applied by an order under Article 364 of that Order);dthe partnership enters administration within the meaning of paragraph 2(2)(b) of Schedule B1 to that Order (as applied by an order under Article 364 of that Order).5An insolvency event also occurs in relation to a person where an event occurs which is a prescribed event in relation to such a person.6Except as provided by paragraphs (2) to (5), for the purposes of this Part an event is not to be regarded as an insolvency event in relation to a person.7The Department may by order amend paragraph (4)(d) to make provision consequential upon any order under Article 364 of the Insolvency Order (insolvent partnerships) applying the provisions of Part III of that Order (administration) as amended by the Insolvency (Northern Ireland) Order 2005.8“Insolvency date”, in relation to an insolvency event, means the date on which the event occurs.9“Insolvency practitioner”, in relation to a person, means—aa person acting as an insolvency practitioner, in relation to that person, in accordance with Article 3 of the Insolvency Order,bin such circumstances as may be prescribed, a person of a prescribed description.10In this Article—“company” means a company as defined in section 1(1) of the Companies Act 2006 or a company which may be wound up under Part VI of the Insolvency Order (unregistered companies);“person acting as an insolvency practitioner”, in relation to a person, includes the official receiver acting as receiver or manager of any property of that person.11In applying Article 3 of the Insolvency Order under paragraph (9), Article 3(5) of that Order (which includes provision that nothing in the Article applies to anything done by the official receiver) must be ignored.12In relation to any time before the coming into operation of Article 3 of the Insolvency (Northern Ireland) Order 2005, paragraph (3) shall have effect as if for sub-paragraph (d) there were substituted—dan administration order is made by the Court under Article 21 of that Order; .1061 This Article applies where an insolvency event has occurred in relation to the employer in relation to an occupational pension scheme.2 An insolvency practitioner in relation to the employer must—a if he is able to confirm that a scheme rescue is not possible, issue a notice to that effect (a “scheme failure notice”), orb if he is able to confirm that a scheme rescue has occurred, issue a notice to that effect (a “withdrawal notice”).3Paragraph (4) applies where—a in prescribed circumstances, insolvency proceedings in relation to the employer are stayed or come to an end, orba prescribed event occurs.4 If a person who was acting as an insolvency practitioner in relation to the employer immediately before this paragraph applies has not been able to confirm in relation to the scheme—a that a scheme rescue is not possible, orb that a scheme rescue has occurred,he must issue a notice to that effect.5For the purposes of this Article—a a person is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this sub-paragraph, andb a person is able to confirm that a scheme rescue is not possible, in relation to such a scheme if, and only if, he is able to confirm such matters as are prescribed for the purposes of this sub-paragraph.6 Where an insolvency practitioner or former insolvency practitioner in relation to the employer issues a notice under this Article, he must give a copy of that notice to—athe Board,bthe Regulator, andcthe trustees or managers of the scheme.7A person must comply with an obligation imposed on him by paragraph (2), (4) or (6) as soon as reasonably practicable.8Regulations may require notices issued under this Article—ato be in a prescribed form;bto contain prescribed information.1071 This Article applies where the Board receives a notice under Article 106(6) ( “the Article 106 notice”).2 The Board must determine whether to approve the Article 106 notice.3The Board must approve the Article 106 notice if, and only if, it is satisfied—athat the insolvency practitioner or former insolvency practitioner who issued the notice was required to issue it under that Article, andbthat the notice complies with any requirements imposed by virtue of paragraph (8) of that Article.4Where the Board makes a determination for the purposes of paragraph (2), it must issue a determination notice and give a copy of that notice to—athe Regulator,bthe trustees or managers of the scheme,cthe insolvency practitioner or the former insolvency practitioner who issued the Article 106 notice,d any insolvency practitioner in relation to the employer (who does not fall within sub-paragraph (c)), ande if there is no insolvency practitioner in relation to the employer, the employer.5In paragraph (4) “determination notice” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed.1081 This Article applies where, in relation to an occupational pension scheme—a the Board determines under Article 107 not to approve a notice issued under Article 106 by an insolvency practitioner or former insolvency practitioner in relation to the employer, orb an insolvency practitioner or former insolvency practitioner in relation to the employer fails to issue a notice under Article 106 and the Board is satisfied that such a notice ought to have been issued under that Article.2The obligations on the insolvency practitioner or former insolvency practitioner imposed by paragraphs (2) and (4) of Article 106 are to be treated as obligations imposed on the Board and the Board must accordingly issue a notice as required under that Article.3Subject to paragraphs (4) and (5), where a notice is issued under Article 106 by the Board by virtue of this Article, it has effect as if it were a notice issued under Article 106 by an insolvency practitioner or, as the case may be, former insolvency practitioner in relation to the employer.4Where a notice is issued under Article 106 by virtue of this Article, Article 106(6) does not apply and the Board must, as soon as reasonably practicable, give a copy of the notice to—athe Regulator,bthe trustees or managers of the scheme,cthe insolvency practitioner or former insolvency practitioner mentioned in paragraph (1),d any insolvency practitioner in relation to the employer (who does not fall within sub-paragraph (c)), ande if there is no insolvency practitioner in relation to the employer, the employer.5Where the Board—ais required to issue a notice under Article 106 by virtue of this Article, andbis satisfied that the notice ought to have been issued at an earlier time,it must specify that time in the notice and the notice is to have effect as if it had been issued at that time.1091Subject to paragraph (2), for the purposes of this Part, a notice issued under Article 106 is not binding until—athe Board issues a determination notice under Article 107 approving the notice,bthe period within which the issue of the determination notice under that Article may be reviewed by virtue of Chapter 6 has expired, andcif the issue of the determination notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the determination notice has not been revoked, varied or substituted.2Where a notice is issued under Article 106 by the Board by virtue of Article 108, the notice is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.3Where a notice issued under Article 106 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—athe Regulator,bthe trustees or managers of the scheme,cthe insolvency practitioner or former insolvency practitioner who issued the notice under Article 106 or, where that notice was issued by the Board by virtue of Article 108, the insolvency practitioner or former insolvency practitioner mentioned in paragraph (1) of that Article,d any insolvency practitioner in relation to the employer (who does not fall within sub-paragraph (c)), ande if there is no insolvency practitioner in relation to the employer, the employer.4A notice under paragraph (3)—amust be in the prescribed form and contain such information as may be prescribed, andb where it is given in relation to a withdrawal notice issued under Article 106(2)(b) which has become binding, must state the time from which the Board ceases to be involved with the scheme (see Article 133).CHAPTER 31101 Subject to the following provisions of this Article, in this Part references to an “eligible scheme” are to an occupational pension scheme which—ais not a money purchase scheme, andbis not a prescribed scheme or a scheme of a prescribed description.2A scheme is not an eligible scheme if it is being wound up immediately before the day appointed by the Department by order for the purposes of this paragraph.3Regulations may provide that where—aan assessment period begins in relation to an eligible scheme (see Article 116), andbafter 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 paragraph (4) as may be prescribed.4Those provisions are—aany provision of this Part, andbany other provision of this Order in which “eligible scheme” has the meaning given by this Article.5Regulations may also provide that a scheme which would be an eligible scheme in the absence of this paragraph is not an eligible scheme in such circumstances as may be prescribed.1111 This Article applies where a qualifying insolvency event has occurred in relation to the employer in relation to an eligible scheme.2 The Board must assume responsibility for the scheme in accordance with this Chapter if—a the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see Articles 115 and 127),bafter the relevant time a scheme failure notice is issued under Article 106(2)(a) in relation to the scheme and that notice becomes binding, andca withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—ibeginning with the occurrence of the qualifying insolvency event, andiiending immediately before the issuing of the scheme failure notice under Article 106(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 Article 133).3 For the purposes of this Article, in relation to an eligible scheme an insolvency event ( “the current event”) in relation to the employer is a qualifying insolvency event if—ait occurs on or after the day appointed under Article 110(2), andbit—iis the first insolvency event to occur in relation to the employer on or after that day, oriidoes not occur within an assessment period (see Article 116) in relation to the scheme which began before the occurrence of the current event.4For the purposes of this Article—a the reference in paragraph (2)(a) 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, andb“the relevant time” means the time immediately before the qualifying insolvency event occurs.5This Article is subject to Articles 130 and 131 (cases where Board must refuse to assume responsibility for a scheme).1121 This Article applies where, in relation to an eligible scheme, the trustees or managers of the scheme—amake an application under paragraph (1) of Article 113 (an “Article 113 application”), orbreceive a notice from the Board under paragraph (5)(a) of that Article (an “Article 113 notification”).2 The Board must assume responsibility for the scheme in accordance with this Chapter if—a the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time (see Articles 115 and 127),bafter the relevant time the Board issues a scheme failure notice under Article 114(2) in relation to the scheme and that notice becomes binding, andca withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—ibeginning with the making of the Article 113 application or, as the case may be, the receipt of the Article 113 notification, andiiending immediately before the issuing of the scheme failure notice under Article 114(2),and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).3In paragraph (2)—a the reference in sub-paragraph (a) 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, andb“the relevant time” means the time immediately before the Article 113 application was made or, as the case may be, the Article 113 notification was received.4An application under Article 113(1) or notification under Article 113(5)(a) is to be disregarded for the purposes of paragraph (1) if it is made or given during an assessment period (see Article 116) in relation to the scheme which began before the application was made or notification was given.5This Article is subject to Articles 130 and 131 (cases where Board must refuse to assume responsibility for a scheme).1131 Where the trustees or managers of an eligible scheme become aware that—athe employer in relation to the scheme is unlikely to continue as a going concern, andbthe prescribed requirements are met in relation to the employer,they must make an application to the Board for it to assume responsibility for the scheme under Article 112.2Where the Board receives an application under paragraph (1), it must give a copy of the application to—athe Regulator, andbthe employer.3An application under paragraph (1) must—abe in the prescribed form and contain the prescribed information, andbbe made within the prescribed period.4Where the Regulator becomes aware that—a the employer in relation to an eligible scheme is unlikely to continue as a going concern, andb the requirements mentioned in paragraph (1)(b) are met in relation to the employer,it must give the Board a notice to that effect.5Where the Board receives a notice under paragraph (4), it must—agive the trustees or managers of the scheme a notice to that effect, andbgive the employer a copy of that notice.6The duty imposed by paragraph (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that paragraph by reason of a notice given to them under paragraph (5).7The duty imposed by paragraph (4) does not apply where the Regulator becomes aware as mentioned in that paragraph by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under paragraph (2).8Regulations may require notices under this Article to be in the prescribed form and to contain the prescribed information.1141This Article applies where the Board—areceives an application under paragraph (1) of Article 113 and is satisfied that sub-paragraphs (a) and (b) of that paragraph are satisfied in relation to the application, orbis notified by the Regulator under Article 113(4).2 If the Board is able to confirm that a scheme rescue is not possible, it must as soon as reasonably practicable issue a notice to that effect (a “scheme failure notice”).3 If the Board is able to confirm that a scheme rescue has occurred, it must as soon as reasonably practicable issue a notice to that effect (a “withdrawal notice”).4The Board must, as soon as reasonably practicable, give a copy of any notice issued under paragraph (2) or (3) to—athe Regulator,bthe trustees or managers of the scheme, andcthe employer.5For the purposes of this Article—a the Board is able to confirm that a scheme rescue has occurred in relation to an occupational pension scheme if, and only if, it is able to confirm such matters as are prescribed for the purposes of this sub-paragraph, andb the Board is able to confirm that a scheme rescue is not possible in relation to such a scheme if, and only if, it is able to confirm such matters as are prescribed for the purposes of this sub-paragraph.6For the purposes of this Part a notice issued under paragraph (2) or (3) is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.7Where a notice issued under paragraph (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—athe Regulator,bthe trustees or managers of the scheme, andcthe employer.8Notices under this Article must be in the prescribed form and contain such information as may be prescribed.9A notice given under paragraph (7) in relation to a withdrawal notice under paragraph (3) which has become binding must state the time from which the Board ceases to be involved with the scheme (see Article 133).1151 For the purposes of this Chapter the protected liabilities, in relation to an eligible scheme, at a particular time ( “the relevant time”) are—athe cost of securing benefits for and in respect of members of the scheme which correspond to the compensation which would be payable, in relation to the scheme, in accordance with the pension compensation provisions (see Article 146) if the Board assumed responsibility for the scheme in accordance with this Chapter,bliabilities of the scheme which are not liabilities to, or in respect of, its members, andcthe estimated cost of winding up the scheme.2For the purposes of determining the cost of securing benefits within paragraph (1)(a), references in Articles 124 to 126 and Schedule 6 (pension compensation provisions) to the assessment date are to be read as references to the date on which the time immediately after the relevant time falls.1161In this Part references to an assessment period are to be construed in accordance with this Article.2 Where, in relation to an eligible scheme, a qualifying insolvency event occurs in relation to the employer, an assessment period—abegins with the occurrence of that event, andbends when—ithe Board ceases to be involved with the scheme (see Article 133),iithe trustees or managers of the scheme receive a transfer notice under Article 144, oriiithe conditions in Article 138(2) (no scheme rescue but sufficient assets to meet protected liabilities etc.) are satisfied in relation to the scheme,whichever first occurs.3In paragraph (2) “qualifying insolvency event” has the meaning given by Article 111(3).4 Where, in relation to an eligible scheme, an application is made under Article 113(1) or a notification is received under Article 113(5)(a), an assessment period—abegins when the application is made or the notification is received, andbends when—ithe Board ceases to be involved with the scheme (see Article 133),iithe trustees or managers of the scheme receive a transfer notice under Article 144, oriiithe conditions in Article 138(2) (no scheme rescue but sufficient assets to meet protected liabilities etc.) are satisfied in relation to the scheme,whichever first occurs.5For the purposes of paragraph (4) an application under Article 113(1) or notification under Article 113(5)(a) is to be disregarded if it is made or given during an assessment period in relation to the scheme which began before the application was made or notification was given.6This Article is subject to Article 143 (which provides for further assessment periods to begin in certain circumstances where schemes are required to wind up or continue winding up under Article 138).1171This Article applies where there is an assessment period in relation to an eligible scheme.2No new members of any class may be admitted to the scheme during the assessment period.3Except in prescribed circumstances and subject to prescribed conditions, no further contributions (other than those due to be paid before the beginning of the assessment period) may be paid towards the scheme during the assessment period.4Any obligation to pay contributions towards the scheme during the assessment period (including any obligation under Article 49(8) of the 1995 Order to pay amounts deducted corresponding to such contributions) is to be read subject to paragraph (3) and Article 134 (obligation to pay contributions when assessment period ends).5No benefits may accrue under the scheme rules to, or in respect of, members of the scheme during the assessment period.6Paragraph (5) does not prevent any increase, in a benefit, which would otherwise accrue in accordance with the scheme or any statutory provision.This paragraph is subject to Article 122 (which limits the scheme benefits payable during an assessment period).7Paragraph (5) does not prevent the accrual of money purchase benefits to the extent that they are derived from income or capital gains arising from the investment of payments which are made by, or in respect of, a member of the scheme.8Where a person is entitled to a pension credit derived from another person's shareable rights under the scheme, nothing in this Article prevents the trustees or managers of the scheme discharging their liability in respect of the credit under Chapter 1 of Part V of the 1999 Order (sharing of rights under pension arrangements) by conferring appropriate rights under the scheme on that person.9In paragraph (8)—“appropriate rights” has the same meaning as in paragraph 5 of Schedule 5 to that Order (pension credits: mode of discharge);“shareable rights” has the same meaning as in Chapter 1 of Part V of that Order (sharing of rights under pension arrangements).10Any action taken in contravention of this Article is void.11Disregarding paragraph (10), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager of a scheme who fails to take all reasonable steps to secure compliance with this Article.1181This Article applies where there is an assessment period in relation to an eligible scheme.2 With a view to ensuring that the scheme's protected liabilities do not exceed its assets or, if they do exceed its assets, that the excess is kept to a minimum, the Board may give a relevant person in relation to the scheme directions regarding the exercise during that period of his powers in respect of—a the investment of the scheme's assets,bthe incurring of expenditure,cthe instigation or conduct of legal proceedings, anddsuch other matters as may be prescribed.3In paragraph (2)—a“relevant person” in relation to a scheme means—i the trustees or managers of the scheme,iithe employer in relation to the scheme, oriiisuch other persons as may be prescribed, andbthe 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.4The Board may revoke or vary any direction under this Article.5Where a direction under this Article given to the trustees or managers of a scheme is not complied with, Article 10 of the 1995 Order (civil penalties) applies to any such trustee or manager who has failed to take all reasonable steps to secure compliance with the direction.6That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction given to him under this Article.1191This Article applies where there is an assessment period in relation to an eligible scheme.2 Subject to paragraph (3), the winding up of the scheme must not begin during the assessment period.3Paragraph (2) does not apply to the winding up of the scheme in pursuance of an order by the Regulator under Article 11(3A) of the 1995 Order (Regulator's powers to wind up occupational pension schemes to protect Pension Protection Fund) directing the scheme to be wound up (and Article 198 makes provision for the backdating of the winding up).4During the assessment period, except in prescribed circumstances and subject to prescribed conditions—zano right or entitlement of any member, or of any other person in respect of a member, to a benefit that is not a money purchase benefit is to be converted into, or replaced with, a right or entitlement to a money purchase benefit under the scheme rules,ano transfers of, or transfer payments in respect of, any member's rights under the scheme rules are to be made from the scheme, andbno other steps may be taken to discharge any liability of the scheme to or in respect of a member of the scheme in respect of—ipensions or other benefits, oriisuch other liabilities as may be prescribed.5Paragraph (4)—ais subject to Article 122, andbapplies whether or not the scheme was being wound up immediately before the assessment period or began winding up by virtue of paragraph (3).6Paragraph (7) applies where, on the commencement of the assessment period—aa member's pensionable service terminates, andbhe becomes a person to whom Chapter 2 of Part 4ZA of the Pension Schemes Act (early leavers: cash transfer sums and contribution refunds) applies.Article 134(5) (retrospective accrual of benefits in certain circumstances) is to be disregarded for the purposes of determining whether a member falls within sub-paragraph (a) or (b).7Where this paragraph applies, during the assessment period—ano right or power conferred by that Chapter may be exercised, andbno duty imposed by that Chapter may be discharged.8Where a person is entitled to a pension credit derived from another person's shareable rights (within the meaning of Chapter 1 of Part V of the 1999 Order (sharing of rights under pension arrangements)) under the scheme, nothing in paragraph (4) prevents the trustees or managers of the scheme discharging their liability in respect of the credit in accordance with that Chapter.9Any action taken in contravention of this Article is void, except to the extent that the Board validates the action (see Article 120).10Disregarding paragraph (9), where there is a contravention of this Article, Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance with this Article.11The Regulator may not make a freezing order (see Article 19) in relation to the scheme during the assessment period.1201 The Board may validate an action for the purposes of Article 119(9) only if it is satisfied that to do so is consistent with the objective of ensuring that the scheme's protected liabilities do not exceed its assets or, if they do exceed its assets, that the excess is kept to a minimum.2Where the Board determines to validate, or not to validate, any action of the trustees or managers for those purposes, it must issue a notice to that effect and give a copy of that notice to—athe Regulator,bthe trustees or managers of the scheme,c any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer, anddany other person who appears to the Board to be directly affected by the determination.3A notice under paragraph (2) must contain a statement of the Board's reasons for the determination.4The validation of an action does not take effect—auntil—ithe Board has issued a notice under paragraph (2) relating to the determination, andiithe period within which the issue of that notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed, until—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of.5 In paragraph (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.1211Paragraph (2) applies where there is an assessment period in relation to an eligible scheme.2 During the assessment period, the rights and powers of the trustees or managers of the scheme in relation to any debt (including any contingent debt) due to them by the employer, whether by virtue of Article 75 of the 1995 Order (deficiencies in the scheme assets) or otherwise, are exercisable by the Board to the exclusion of the trustees or managers.3Where, by virtue of paragraph (2), any amount is paid to the Board in respect of such a debt, the Board must pay that amount to the trustees or managers of the scheme.1221Paragraphs (2), (2A) and (3) apply where there is an assessment period in relation to an eligible scheme.2The benefits payable to or in respect of any member under the scheme rules during the assessment period must be reduced to the extent necessary to ensure that they do not exceed the compensation which would be payable to or in respect of the member in accordance with this Chapter if—a the Board assumed responsibility for the scheme in accordance with this Chapter, andbthe assessment date referred to in Schedule 6 were the date on which the assessment period began.2ABenefits in the form of a lump sum may be paid to or in respect of a member under the scheme rules during the assessment period only in the circumstances in which, and to the extent to which, lump sum compensation would be payable to or in respect of the member in accordance with this Chapter if—athe Board assumed responsibility for the scheme in accordance with this Chapter, andbthe assessment date referred to in Schedule 6 were the date on which the assessment period began.3 ... Where, on the commencement of the assessment period—aa member's pensionable service terminates, andbhe becomes a person to whom Chapter 2 of Part 4ZA of the Pension Schemes Act (early leavers: cash transfer sums and contribution refunds) applies,no benefits are payable to or in respect of him under the scheme during the assessment period.4Article 134(5) (retrospective accrual of benefits in certain circumstances) is to be disregarded for the purposes of determining whether a member falls within sub-paragraph (a) or (b) of paragraph (3).5Nothing in paragraph (3) prevents the payment of benefits attributable (directly or indirectly) to a pension credit during the assessment period in accordance with paragraphs (2) and (2A).6Where at any time during the assessment period the scheme is being wound up, subject to any reduction required under paragraph (2) and to paragraphs (2A) and (3), 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.7Paragraphs (2), (2A), (3) and (6) are subject to Articles 134(1) to (3) and 138(13) (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).8For the purposes of paragraphs (2) , (2A) and (3) 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.9Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager of a scheme who fails to take all reasonable steps to secure compliance with paragraphs (2) to (3).9ARegulations may make provision as to circumstances in which benefits in the form of a lump sum are to be treated for the purposes of paragraph (2A) as being paid in the circumstances in which lump sum compensation would be payable in accordance with this Chapter.9BRegulations may create exceptions to paragraph (2A).10Regulations may provide that, where there is an assessment period in relation to an eligible scheme—ain such circumstances as may be prescribed paragraph (2) does not operate to require the reduction of benefits payable to or in respect of any member;bthe commencement of a member's pension or payment of a member's lump sum or other benefits is, in such circumstances and on such terms and conditions as may be prescribed, to be postponed for the whole or any part of the assessment period for which he continues in employment after attaining normal pension age.11For the purposes of paragraph (10)—a“normal pension age”, in relation to an eligible scheme and any pension or other benefit under it, means the age specified in the scheme rules as the earliest age at which the pension or other benefit becomes payable without actuarial adjustment (disregarding any scheme rule making special provision as to early payment on the grounds of ill health), andbwhere different ages are so specified in relation to different parts of a pension or other benefit—iparagraph (10) has effect as if those parts were separate pensions or, as the case may be, benefits, andiiin relation to a part of a pension or other benefit, the reference in that paragraph to normal pension age is to be read as a reference to the age specified in the scheme rules as the earliest age at which that part becomes so payable.12Regulations may provide that, in prescribed circumstances, where—a a member of the scheme died before the commencement of the assessment period, andbduring 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 paragraphs (2) and (2A), to be treated as having become payable before the commencement of the assessment period.13Nothing in paragraph (2), (2A) or (3) applies to money purchase benefits.1231Paragraph (2) applies where Article 122(2) applies in relation to an eligible scheme.2 Where the Board is satisfied that the trustees or managers of the scheme are not able to pay benefits under the scheme rules (reduced in accordance with Article 122(2)) as they fall due, it may, on an application by the trustees or managers, lend to them such amounts as the Board considers appropriate for the purpose of enabling them to pay those benefits.3Where an amount lent to the trustees or managers of a scheme under paragraph (2) is outstanding at—athe time the Board ceases to be involved with the scheme, orbif earlier—ithe time during the assessment period when an order is made under Article 11(3A) of the 1995 Order directing the winding up of the scheme, oriiwhere no such order is made during that period, the time when the assessment period ends because the conditions in Article 138(2) or (5) are satisfied,that amount, together with the appropriate interest on it, falls to be repaid by the trustees or managers of the scheme to the Board at that time.4No loan may be made under paragraph (2) after the time mentioned in paragraph (3)(b)(i).5In paragraph (2) the reference to “benefits” does not include money purchase benefits.6In paragraph (3) “the appropriate interest” on an amount lent under paragraph (2) means interest at the prescribed rate from the time the amount was so lent until repayment.7Subject to this Article, the Board may make a loan under paragraph (2) on such terms as it thinks fit.124 1This Article applies where there is an assessment period in relation to an eligible scheme.2The Board may review a reviewable ill health pension in respect of a member if—a disregarding Article 125, the member would be entitled to compensation under paragraph 3 of Schedule 6 in respect of the pension if the Board assumed responsibility for the scheme,bthe member did not attain normal pension age in respect of the pension before the assessment date, andcthe pension is attributable to the member's pensionable service.3An ill health pension in respect of a member is reviewable for the purposes of paragraph (2) if the member is entitled to the pension by reason of an award under the scheme rules ( “the award”) which was made—ain the period of three years ending immediately before the assessment date, orbbefore the end of the prescribed period beginning with the assessment date, in response to an application made before that date.4Where—a before the assessment date, an application was made under the scheme for the award of a pension before normal pension age by virtue of any provision of the scheme rules making special provision as to early payment of pension on grounds of ill health, andbthe trustees or managers of the scheme failed to decide the application before the end of the period mentioned in paragraph (3)(b),Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure that the application was decided before the end of that period.5 Where—athe award was made in response to an application which—iwas made on or after the assessment date, oriiwas made before that date but not decided by the trustees or managers of the scheme before the end of the period mentioned in paragraph (3)(b), andbin the absence of this paragraph, the award would take effect before the assessment date,the award is, for the purposes of determining the compensation payable under this Chapter in a case where the Board assumes responsibility for the scheme, to be treated as taking effect after the date on which the decision to make the award was made.6Regulations must prescribe the procedure to be followed in relation to the review of a pension under this Article and any subsequent decision under Article 125.125 1This Article applies where, during an assessment period in relation to an eligible scheme, the Board reviews an ill health pension by virtue of Article 124.2 Where the conditions of paragraph (3) are satisfied, the Board may determine that the compensation payable in respect of the pension, in a case where the Board assumes responsibility for the scheme, is to be determined in the prescribed manner on and after the relevant date.3The conditions are—a that the annual rate of compensation which would be payable under this Part in respect of the pension at the assessment date, if the Board assumed responsibility for the scheme, exceeds the notional reviewed rate of compensation in respect of the pension,bthat the Board is satisfied—ithat the decision to make the award was made in ignorance of, or was based upon a mistake as to, a material fact relevant to the decision,iithat, at the time that decision was made, the member knew or could reasonably have been expected to know of that fact and that it was relevant to the decision, andiiithat, had the trustees or managers known about, or not been mistaken as to, that fact, they could not reasonably have decided to make the award, andcthat the Board is not satisfied that the criteria in the admissible rules governing entitlement to early payment of pension on grounds of ill health were satisfied in respect of the member at any time after that decision but before the assessment date.4 For the purposes of paragraph (2) “the relevant date” means the date during the assessment period on which a determination under Article 127(2)(a) or a scheme valuation in relation to the scheme becomes binding.5The power to make a decision in respect of the pension under paragraph (2) may only be exercised at a time which falls—a during the assessment period but before the time the Board first makes a determination under Article 127(2)(a) or approves a scheme valuation under Article 128 in relation to the scheme, andbwithin a reasonable period beginning with the assessment date or, where the decision to make the award was made at a later date, that date.6Regulations made for the purposes of paragraph (2) may, in particular, include provision applying any provision of Schedule 6 with such modifications as may be prescribed.126 1 For the purposes of Articles 124 and 125—“admissible rules” is to be construed in accordance with Schedule 6;“assessment date” means the date on which the assessment period begins;“ill health pension”, in relation to a scheme, means a pension which, immediately before the assessment date, is a pension to which a person is entitled under the admissible rules in circumstances where that entitlement arose before normal pension age by virtue of any provision of the admissible rules making special provision as to early payment of pension on grounds of ill health;“normal pension age”, in relation to a scheme and any pension under it, means the age specified in the admissible rules as the earliest age at which the pension becomes payable without actuarial adjustment (disregarding any admissible rule making special provision as to early payment on the grounds of ill health) and sub-paragraphs (2) and (3) of paragraph 34 of Schedule 6 apply in relation to this Article as they apply in relation to that Schedule;“notional reviewed rate of compensation”, in respect of an ill health pension, means—the annual rate of compensation which would be payable in respect of the pension at the assessment date, if the Board assumed responsibility for the scheme and the compensation so payable at that date was determined in accordance with regulations under Article 125(2), orif no such compensation would have been so payable at that date, nil;“pensionable service” is to be construed in accordance with Schedule 6;“scheme valuation”, in relation to a scheme, means a valuation under Article 127(2)(b) of the assets and protected liabilities of the scheme as at the time immediately before the assessment period begins.2For the purposes of Article 124(4)—athe definition of “normal pension age” in paragraph (1), andbsub-paragraphs (2) and (3) of paragraph 34 of Schedule 6 as they apply by virtue of that definition,have effect as if the references in those provisions to the admissible rules were references to the scheme rules.3Paragraph 37(4) of Schedule 6 (references to “ill health” to be construed in accordance with regulations) applies in relation to Articles 124 and 125 and this Article as if, in that provision, the reference to that Schedule included a reference to those Articles and this Article.4 In those Articles references to the Board assuming responsibility for the scheme are to the Board assuming responsibility for the scheme in accordance with this Chapter at the time the assessment period in question comes to an end.1271 This Article applies in a case within paragraph (1) of Article 111 or 112.2 The Board must, as soon as reasonably practicable—adetermine whether the condition in paragraph (2)(a) of the Article in question is satisfied, orbfor the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.2ABefore doing so, it must give a notice stating whether it will make a determination under paragraph (2)(a) or obtain an actuarial valuation under paragraph (2)(b) to—athe trustees or managers of the scheme, andbany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3For the purposes of this Article, regulations may provide that any of the following are to be regarded as assets or protected liabilities of the scheme at the relevant time if prescribed requirements are met—aa debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under Article 34, 43 or 51 during the pre-approval period;ban obligation arising under financial support for the scheme (within the meaning of Article 41) put in place during the pre-approval period in accordance with a financial support direction issued under Article 39;can obligation imposed by a restoration order under Article 48 during the pre–approval period in respect of a transaction involving assets of the scheme.4For the purposes of a determination made under paragraph (2)(a) or an actuarial valuation obtained under paragraph (2)(b), regulations may prescribe how—athe assets and the protected liabilities of eligible schemes, andbtheir amount or value,are to be determined, calculated and verified.5Regulations under paragraph (4) may provide, in particular, that when calculating the amount or value of assets or protected liabilities of an eligible scheme at the relevant time which consist of any of the following—aa debt (including any contingent debt) due to the trustees or managers of the scheme from the employer under Article 75 of the 1995 Order (deficiencies in the scheme assets),ba debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under Article 34, 43 or 51,can obligation arising under financial support for the scheme (within the meaning of Article 41) put in place in accordance with a financial support direction issued under Article 39, ordan obligation imposed by a restoration order made under Article 48 in respect of a transaction involving assets of the scheme,account must be taken in the prescribed manner of prescribed events which occur during the pre-approval period.5AParagraph (5B) applies if—aduring the pre‐approval period any liability to provide pensions or other benefits to or in respect of any member or members under the scheme is discharged by virtue of regulations under Article 119(4) or the Board validating any action mentioned in Article 119(9), andbat the relevant time the protected liabilities of the scheme include any cost within Article 115(1)(a) relating to compensation in respect of those pensions or other benefits.5BIf this paragraph applies, for the purposes of this Article—ain determining that cost the effect of the discharge on the compensation payable in respect of those pensions or other benefits under paragraph 23A of Schedule 6 must be taken into account,bin a case where assets of the scheme at the relevant time were transferred from the scheme during the pre‐approval period in consideration for the discharge, those assets are not to be regarded as assets of the scheme at the relevant time, andcin a case where assets that were not assets of the scheme at that time ( “later‐acquired assets”) were so transferred, the value of the assets of the scheme at that time is to be reduced by the value of the later‐acquired assets at the time of the discharge.5CThe Board must issue a statement setting out how (subject to any provision made under paragraph (4)) it will make determinations under paragraph (2)(a).6Subject to any provision made under paragraph (4), for the purposes of an actuarial valuation obtained under paragraph (2)(b) the matters mentioned in paragraph (4)(a) and (b) are to be determined, calculated and verified in accordance with guidance issued by the Board.7 In calculating the amount of any liabilities for the purposes of this Article, a provision of the scheme rules which limits the amount of the scheme's liabilities by reference to the value of its assets is to be disregarded.8The duty imposed by paragraph (2) ceases to apply if and when the Board ceases to be involved with the scheme.9Nothing in paragraph (2) requires a determination to be made, or an actuarial valuation to be obtained during any period when the Board considers that an event may occur which, by virtue of regulations under paragraph (3) or (4) or by virtue of paragraph (5B), may affect the value of the assets or the amount of the protected liabilities of the scheme for the purposes of the determination or the valuation.10In a case where there are one or more reviewable ill health pensions (within the meaning of Article 124), nothing in paragraph (2) requires a determination to be made, or an actuarial valuation to be obtained during the period mentioned in Article 125(5)(b) (period during which Board may exercise its power to make a decision following a review) relating to any such pension.11For the purposes of this Article—a “actuarial valuation”, in relation to the scheme, means a written valuation of the assets and protected liabilities of the scheme which—iis in the prescribed form and contains the prescribed information, andiiis prepared and signed by—aa person with prescribed qualifications or experience, orba person approved by the Department,b “the pre-approval period”, in relation to the scheme, means the period which—ibegins immediately after the relevant time, andiiends immediately before the time the Board first makes a determination under paragraph (2)(a) or approves a valuation of the scheme under Article 128 after the relevant time,c “the relevant time”iin a case within paragraph (1) of Article 111, has the meaning given in paragraph (4)(b) of that Article, andii in a case within paragraph (1) of Article 112, has the meaning given in paragraph (3)(b) of that Article, anddreferences to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.127A1Where the Board makes a determination under Article 127(2)(a) it must give a copy of the determination to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.2For the purposes of this Chapter a determination under Article 127(2)(a) is not binding until—athe period within which the determination may be reviewed by virtue of Chapter 6 has expired, andbif the determination is so reviewed—ithe review and any reconsideration,ii any reference to the PPF Ombudsman in respect of the determination, and iii any appeal against the PPF Ombudsman's determination or directions, has been finally disposed of.3For the purposes of determining whether or not the condition in Article 111(2)(a) or, as the case may be, Article 112(2)(a) (condition that scheme assets are less than protected liabilities) is satisfied in relation to a scheme, a binding determination under Article 127(2)(a) is conclusive.This paragraph is subject to Article 156(3) and (4) (treatment of fraud compensation payments).4Where a determination under Article 127(2)(a) becomes binding under this Article the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding determination to—athe Regulator,bthe trustees or managers of the scheme, andcany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.5A notice under paragraph (4) must be in the prescribed form and contain the prescribed information.1281 This Article applies where the Board obtains a valuation in respect of a scheme under Article 127(2)(b).2Where the Board is satisfied that the valuation has been prepared in accordance with Article 127, it must—aapprove the valuation, andbgive a copy of the valuation to—ithe Regulator,iithe trustees or managers of the scheme, andiii any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3Where the Board is not so satisfied, it must obtain another valuation under that Article.1291 For the purposes of this Chapter a valuation obtained under Article 127(2)(b) is not binding until—ait is approved under Article 128,bthe period within which the approval may be reviewed by virtue of Chapter 6 has expired, andcif the approval is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the approval, andiiiany appeal against his determination or directions,has been finally disposed of.2 Subject to Article 156(3) and (4) (treatment of fraud compensation payments), for the purposes of determining whether or not the condition in Article 111(2)(a) or, as the case may be, 112(2)(a) (condition that scheme assets are less than protected liabilities) is satisfied in relation to a scheme, a binding valuation is conclusive.3Where a valuation becomes binding under this Article the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding valuation to—athe Regulator,bthe trustees or managers of the scheme, andc any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.4A notice under paragraph (3) must be in the prescribed form and contain the prescribed information.1301 Regulations may provide that where the Board is satisfied that an eligible scheme was not such a scheme throughout such period as may be prescribed, the Board must refuse to assume responsibility for the scheme under this Chapter.2 Where, by virtue of paragraph (1), the Board is required to refuse to assume responsibility for a scheme, it—amust issue a notice to that effect (a “withdrawal notice”), andbgive a copy of that notice to—ithe Regulator,iithe trustees or managers of the scheme, andiii any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3For the purposes of this Part a withdrawal notice issued by virtue of this Article is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.4Where a withdrawal notice issued by virtue of this Article 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—athe Regulator,bthe trustees or managers of the scheme, andc any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.5Notices under this Article must be in the prescribed form and contain such information as may be prescribed.6A notice given under paragraph (4) must state the time from which the Board ceases to be involved with the scheme (see Article 133).1311 The Board must refuse to assume responsibility for a scheme ( “the new scheme”) under this Chapter where it is satisfied that—athe new scheme was established during such period as may be prescribed,bthe employer in relation to the new scheme was, at the date of establishment of that scheme, also the employer in relation to a scheme established before the new scheme ( “the old scheme”),ca transfer or transfers of, or a transfer payment or transfer payments in respect of, any rights of members under the old scheme has or have been made to the new scheme, anddthe main purpose or one of the main purposes of establishing the new scheme and making the transfer or transfers, or transfer payment or transfer payments, was to enable those members to receive compensation under the pension compensation provisions in respect of their rights under the new scheme in circumstances where, in the absence of the transfer or transfers, regulations under Article 130 would have operated to prevent such payments in respect of their rights under the old scheme.2 Where, under paragraph (1), the Board is required to refuse to assume responsibility for a scheme, it—amust issue a notice to that effect (a “withdrawal notice”), andbgive a copy of that notice to—ithe Regulator,iithe trustees or managers of the scheme, andiii any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.3For the purposes of this Part a withdrawal notice issued under this Article is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.4Where a withdrawal notice issued under this Article 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—athe Regulator,bthe trustees or managers of the scheme, andc any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.5Notices under this Article must be in the prescribed form and contain such information as may be prescribed.6A notice given under paragraph (4) must state the time from which the Board ceases to be involved with the scheme (see Article 133).1321This Article applies where—aa notice under Article 106(4) (inability to confirm status of scheme) is issued in relation to an eligible scheme and becomes binding, andba withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—ibeginning with the occurrence of the last insolvency event in relation to the employer, andiiending immediately before the notice under Article 106(4) becomes binding,and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).2The Board must determine whether any insolvency event—ahas occurred in relation to the employer since the issue of the notice under Article 106(4), orbis likely to so occur before the end of the period of six months beginning with the date on which this Article applies.3If the Board determines under paragraph (2) that no insolvency event has occurred or is likely to occur as mentioned in that paragraph, it must issue a notice to that effect (a “withdrawal notice”).4Where—ano withdrawal notice is issued under paragraph (3) before the end of the period mentioned in paragraph (2)(b), andbno further insolvency event occurs in relation to the employer during that period,the Board must issue a notice to that effect (a “withdrawal notice”).5Where the Board is required to issue a withdrawal notice under this Article, it must give a copy of the notice to—athe Regulator,bthe trustees or managers of the scheme, andc the employer.6For the purposes of this Part, a withdrawal notice issued under this Article is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.7Where a withdrawal notice issued under this Article 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—athe Regulator,bthe trustees or managers of the scheme, andc the employer.8Notices under this Article must be in the prescribed form and contain such information as may be prescribed.9A notice given under paragraph (7) must state the time from which the Board ceases to be involved with the scheme (see Article 133).1331Where an assessment period begins in relation to an eligible scheme, the Board ceases to be involved with the scheme, for the purposes of this Part, on the occurrence of the first withdrawal event after the beginning of that period.2For this purpose the following are withdrawal events in relation to a scheme—aa withdrawal notice issued under Article 106(2)(b) (scheme rescue has occurred) becoming binding;ba withdrawal notice issued under Article 114(3) (scheme rescue has occurred) becoming binding;ca withdrawal notice issued under or by virtue of Article 130 or 131 (refusal to assume responsibility) becoming binding;da withdrawal notice issued under Article 132 (no insolvency event has occurred or is likely to occur) becoming binding,and references in this Chapter to a “withdrawal event” are to be construed accordingly.3Paragraph (4) applies where a withdrawal notice mentioned in paragraph (2) is issued in relation to a scheme and becomes binding and—aan insolvency event in relation to the employer occurs during the interim period and, if paragraph (4) did not apply, the event would not be a qualifying insolvency event within the meaning given by paragraph (3) of Article 111 solely because the condition in head (ii) of sub-paragraph (b) of that paragraph would not be satisfied, orban application under Article 113(1) is made, or a notification under Article 113(5)(a) is given, in relation to the scheme during the interim period and, if paragraph (4) did not apply, the application or notification would be disregarded for the purposes of—iparagraph (1) of Article 112 by virtue of paragraph (4) of that Article, andiiparagraph (4) of Article 116 by virtue of paragraph (5) of that Article.4In such a case, the withdrawal notice is to be treated for the purposes of paragraphs (1) and (2), as if the time when it became binding was the time immediately before—ain a case falling within paragraph (3)(a), the occurrence of the insolvency event, andbin a case falling within paragraph (3)(b), the making of the application under Article 113(1) or, as the case may be, the giving of the notification under Article 113(5)(a).5For the purposes of paragraph (3), the “interim period” in relation to a scheme means the period beginning with the issuing of the withdrawal notice in relation to the scheme and ending with that notice becoming binding.6For the purposes of this Chapter—athe occurrence of a withdrawal event in relation to a scheme in respect of a withdrawal notice issued during a particular period ( “the specified period”) is a possibility until each of the following is no longer reviewable—iany withdrawal notice which has been issued in relation to the scheme during the specified period;iiany failure to issue such a withdrawal notice during the specified period;iiiany notice which has been issued by the Board under Chapter 2 or this Chapter which is relevant to the issue of a withdrawal notice in relation to the scheme during the specified period or to such a withdrawal notice which has been issued during that period becoming binding;ivany failure to issue such a notice as is mentioned in head (iii), andbthe issue of, or failure to issue, a notice is to be regarded as reviewable—iduring the period within which it may be reviewed by virtue of Chapter 6, andiiif the matter is so reviewed, until—athe review and any reconsideration,bany reference to the PPF Ombudsman in respect of the matter, andcany appeal against his determination or directions,has been finally disposed of.1341Where—aan assessment period comes to an end by virtue of the Board ceasing to be involved with an eligible scheme, andbduring the assessment period any amount of any benefit payable to a member, or to a person in respect of a member, under the scheme rules was not paid by reason of Article 122 (requirement to pay benefits in accordance with the pension compensation provisions),that amount falls due to the member, or as the case may be, person at the end of that period.2Where the winding up of the scheme began before the end of the assessment period (whether by virtue of Article 198 (backdating the winding up of eligible schemes) or otherwise), the reference in paragraph (1)(b) to the amount of any benefit payable to a member, or to a person in respect of a member, under the scheme rules is a reference to the amount so payable taking account of any reduction required by virtue of Articles 73 to 73B of the 1995 Order (provisions relating to the winding up of certain schemes).3Where—aan assessment period comes to an end by virtue of the Board ceasing to be involved with an eligible scheme, andbduring the assessment period the amount of benefit paid to a member, or to a person in respect of a member, under the scheme rules exceeded the amount that would have been payable in the absence of Article 122(6) (requirement to disregard winding up when paying benefits during assessment period),the trustees or managers of the scheme must, at the end of that period, take such steps as they consider appropriate (including steps to adjust future payments under the scheme rules) to recover an amount equal to the excess from the person to whom it was paid.4Paragraphs (1) to (3) are without prejudice to Article 73A(2)(b) of the 1995 Order (requirement to adjust benefits paid to reflect liabilities which can be met on winding up).5Regulations may provide that, in cases within sub-paragraph (a) of paragraph (1), benefits are to accrue under the scheme rules, in such circumstances as may be prescribed, to or in respect of members of the scheme in respect of any specified period of service being service in employment which, but for Article 117(5), would have qualified the member in question for those benefits under the scheme rules.6Regulations under paragraph (5) may in particular make provision—afor benefits not to accrue to, or in respect of, a member unless contributions are paid by or on behalf of the member towards the scheme within a prescribed period;bfor contributions towards the scheme which, but for Article 117, would have been payable by or on behalf of the employer (otherwise than on behalf of an employee) during the assessment period, to fall due;crequiring that such contributions as are mentioned in sub-paragraph (a) or (b) are accepted for the assessment period or any part of that period;dmodifying Article 28 of the 1999 Order (reduction of benefit where a person's shareable rights are subject to a pension debit), in its application in relation to cases where benefits accrue under the scheme by virtue of regulations under paragraph (5).7In this Article “contributions” means, in relation to an eligible scheme, contributions payable towards the scheme by or on behalf of the employer or the active members of the scheme in accordance with the schedule of contributions maintained under Article 206 in respect of the scheme.1351 Where paragraph (2) or (3) applies in relation to an eligible scheme, the trustees or managers of the scheme may make an application to the Board under this Article for it to assume responsibility for the scheme in accordance with this Chapter.2This paragraph applies where—aa scheme failure notice has been issued under Article 106(2)(a) in relation to the scheme, that notice has become binding and the trustees or managers have received a copy of the binding notice under Article 109(3),b the determination made by the Board or valuation obtained by the Board in respect of the scheme under Article 127(2) has become binding, andc the Board would have been required to assume responsibility for the scheme under Article 111 but for the fact that the condition in paragraph (2)(a) of that Article was not satisfied.3This paragraph applies where—athe Board has issued a scheme failure notice under paragraph (2) of Article 114 in relation to the scheme, that notice has become binding and the trustees or managers have received a copy of the binding notice under paragraph (7) of that Article,b the determination made by the Board or valuation obtained by the Board in respect of the scheme under Article 127(2) has become binding, andc the Board would have been required to assume responsibility for the scheme under Article 112 but for the fact that the condition in paragraph (2)(a) of that Article was not satisfied.4An application under this Article must be in the prescribed form, contain the prescribed information and be accompanied by—aa protected benefits quotation in the prescribed form, or evidence in the prescribed form which shows that the trustees or managers of the scheme have taken all reasonable steps to obtain a protected benefits quotation but were unable to do so, andbaudited scheme accounts for a period which—ibegins with such date as may be determined in accordance with regulations, andiiends with a date which falls within the prescribed period ending with the day on which the application is made.5An application under this Article must be made within the authorised period.6In this Article “the authorised period” means the prescribed period which begins—awhere paragraph (2) applies, with the later of—ithe day on which the trustees or managers received the copy of the binding notice mentioned in sub-paragraph (a) of that paragraph, andiithe day on which they received a copy of the binding determination or valuation mentioned in sub-paragraph (b) of that paragraph, andbwhere paragraph (3) applies, with the later of—ithe day on which the trustees or managers received the copy of the binding notice mentioned in sub-paragraph (a) of that paragraph, andiithe day on which they received a copy of the binding determination or valuation mentioned in sub-paragraph (b) of that paragraph.7Where the Board receives an application under paragraph (1), it must give a copy of the application to the Regulator.8 For the purposes of this Article—“audited scheme accounts”, in relation to a scheme, means—accounts obtained by the trustees or managers of the scheme ( “the scheme accounts”) which are prepared in accordance with paragraphs (9) to (11) and audited by the auditor in relation to the scheme, anda report by the auditor, in the prescribed form, as to whether or not such requirements as may be prescribed are satisfied in relation to the scheme accounts;“auditor”, in relation to a scheme, has the meaning given by Article 47 of the 1995 Order;“protected benefits quotation”, in relation to a scheme, means a quotation for one or more annuities from one or more insurers, being companies willing to accept payment in respect of the members from the trustees or managers of the scheme, which would provide in respect of each member of the scheme from the reconsideration time—benefits for or in respect of the member corresponding to the compensation which would be payable to or in respect of the member in accordance with the pension compensation provisions if the Board assumed responsibility for the scheme by virtue of this Article, orbenefits in accordance with the member's entitlement or accrued rights (including pension credit rights within the meaning of Article 121(1) of the 1995 Order) under the scheme rules (other than his entitlement or rights in respect of money purchase benefits),whichever benefits can, in the case of that member, be secured at the lower cost;“the reconsideration time”, in relation to an application under this Article, means the time immediately before the end of the period to which the audited scheme accounts mentioned in paragraph (4)(b) relate.9The scheme accounts are prepared in accordance with this paragraph if, subject to paragraphs (10) and (11), they—a include a statement of the assets of the scheme (excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules) as at the reconsideration time, andbare prepared in accordance with such other requirements as may be prescribed.10Subject to paragraph (11), regulations under paragraph (4) of Article 127 (other than regulations made by virtue of paragraph (5) of that Article), and guidance under paragraph (6) of that Article, apply to the scheme accounts as they apply for the purposes of a valuation under Article 127(2)(b).11Regulations may provide that, where an asset of a prescribed description has been acquired during the assessment period, the value assigned to the asset as at the reconsideration time is to be determined, for the purposes of the scheme accounts, in the prescribed manner.12For the purposes of this Article—aregulations may prescribe how the cost of securing the benefits mentioned in paragraph (a) of the definition of “protected benefits quotation” in paragraph (8) is to be determined, calculated and verified, andbsubject to any provision made under sub-paragraph (a), that cost is to be determined, calculated and verified in accordance with guidance issued by the Board.13Where the scheme is being wound up, for the purposes of determining the benefits which fall within paragraph (b) of the definition of “protected benefits quotation” in paragraph (8) no account is to be taken of the winding up of the scheme.1361 This Article applies where an application is made in respect of a scheme in accordance with Article 135.1AParagraph (2) applies where the application is accompanied by a protected benefits quotation.2 The Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the aggregate of—athe amount quoted in the protected benefits quotation accompanying the application,bthe amount at that time of the liabilities of the scheme which are not liabilities to, or in respect of, members of the scheme, andcthe estimated costs of winding up the scheme at that time.2AParagraph (2B) applies where—athe application is accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have taken all reasonable steps to obtain a protected benefits quotation but were unable to do so, andbthe Board is satisfied that that is the case.2BThe Board must assume responsibility for the scheme in accordance with this Chapter if it is satisfied that the value of the assets of the scheme at the reconsideration time is less than the amount of the protected liabilities at that time.3Where the Board makes a determination for the purposes of paragraph (2) or (2B), it must issue a notice to that effect (a “determination notice”) and give a copy of that notice to—athe trustees or managers of the scheme, andbthe Regulator.4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 But where the Board is satisfied of the matters mentioned in paragraph (2) or (2B), it is not required to assume responsibility for the scheme under that paragraph until the determination notice issued under paragraph (3) becomes binding.6For the purposes of paragraph (5) a determination notice is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.7Where a determination notice issued under paragraph (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—athe trustees or managers of the scheme, andbthe Regulator.8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9The Board may—a for the purposes of paragraph (2), obtain its own valuation of the assets of the scheme as at the reconsideration time (within the meaning of Article 135), andb for the purposes of paragraph (2)(b), obtain its own valuation of the liabilities of the scheme as at that time;and where it does so, paragraphs (9)(b), (10) and (11) of Article 135 apply in relation to the valuation as they apply in relation to the scheme accounts (within the meaning of that Article).10Where paragraph (2) applies, regulations under paragraph (4) of Article 127, and guidance under paragraph (6) of that Article, apply for the purposes of this Article in relation to the estimated costs within paragraph (2)(c) as they apply for the purposes of Article 127 in relation to protected liabilities within Article 115(1)(c).10AThe Board may, for the purposes of paragraph (2B), obtain its own valuation of the assets of the scheme and the protected liabilities of the scheme as at the reconsideration time (within the meaning of Article 135).10BA valuation under paragraph (10A) must be prepared in accordance with such requirements as may be prescribed.10CArticle 127(3) to (6) applies in relation to a determination under paragraph (2B) and a valuation under paragraph (10A) as it applies in relation to a determination under Article 127(2)(a) and an actuarial valuation obtained under Article 127(2)(b).10DIn the application of Article 127 by virtue of paragraph (10C)—areferences to the relevant time are to be read as references to the reconsideration time (within the meaning of Article 135), andbreferences to the pre-approval period are to be read as references to the period which begins immediately after the reconsideration time, and ends immediately before the Board first issues a determination notice under this Article.11 In this Article references to the assets of the scheme do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.12This Article is subject to Articles 130 and 131 (refusal to assume responsibility for a scheme).1371 This Article applies where Article 135(2) or (3) (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to an eligible scheme.2 If the trustees or managers of the scheme are unable to obtain a full buy-out quotation, they must, within the authorised period, apply to the Board for authority to continue as a closed scheme.3 For the purposes of determining whether they must make an application under paragraph (2), the trustees or managers of the scheme must take all reasonable steps to obtain a full buy-out quotation in respect of the scheme.4An application under paragraph (2) must—abe in the prescribed form and contain the prescribed information, andbbe accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have complied with the obligation under paragraph (3) but were unable to obtain a full buy-out quotation.5 Where the Board receives an application under paragraph (2), if it is satisfied that the trustees or managers have complied with the obligation under paragraph (3) but were unable to obtain a full buy-out quotation, it must authorise the scheme to continue as a closed scheme.6Where the Board determines an application in respect of a scheme under this Article, it must issue a determination notice and give a copy of that notice to—athe trustees or managers of the scheme, andbthe Regulator.7 In this Article—“authorised period” has the same meaning as in Article 135;“determination notice” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed;“full buy-out quotation”, in relation to a scheme, means a quotation for one or more annuities from one or more insurers (being companies willing to accept payment in respect of the members from the trustees or managers of the scheme) which would provide in respect of each member of the scheme, from a relevant date, benefits in accordance with the member's entitlement or accrued rights, including pension credit rights, under the scheme rules (other than his entitlement or rights in respect of money purchase benefits);“pension credit rights” has the meaning given by Article 121(1) of the 1995 Order;“relevant date” means a date within the authorised period.8If the trustees or managers of the scheme fail to comply with paragraph (2) or (3), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.1381Where, in relation to an eligible scheme, an assessment period within Article 116(2) or (4) comes to an end because the conditions in paragraph (2) are satisfied, the trustees or managers of the scheme must—awind up the scheme, orbwhere the winding up of the scheme began before the assessment period (whether by virtue of Article 198 or otherwise), continue the winding up of the scheme.2 The conditions are—a that paragraph (2) or (3) of Article 135 (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to the scheme,bthat—ithe trustees or managers did not make an application under that Article or Article 137(2) within the authorised period (within the meaning of Article 135(6)) (or any such application has been withdrawn), oriiif such an application was made, it has been finally determined, andc that, if an application was made under Article 135, the Board is not required to assume responsibility for the scheme by virtue of Article 136(2) or (2B).3For the purposes of paragraph (2)(b)(ii) an application is not finally determined until—athe Board has issued a determination notice in respect of the application under Article 136 or, as the case may be, 137,bthe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andcif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of.4Where, in relation to an eligible scheme, an assessment period within Article 143(3) comes to an end because the conditions in paragraph (5) are satisfied, the trustees or managers of the scheme must continue the winding up of the scheme begun (whether in accordance with this Article or otherwise) before that assessment period.5The conditions are—athat an application is made by, or notice is given to, the trustees or managers of the scheme under Article 141 (applications and notifications where closed schemes have insufficient assets),b that the determination made by the Board or valuation obtained by the Board in respect of the scheme under Article 142(3) has become binding, andc that the Board is not required to assume responsibility for the scheme by virtue of Article 142(1) (duty to assume responsibility for closed scheme).6 Where a scheme is wound up in accordance with paragraph (1)(a), the winding up is to be taken as beginning immediately before the assessment period.7Without prejudice to the power to give directions under Article 118, but subject to any order made under paragraph (8), the Board may give the trustees or managers of the scheme directions relating to the manner of the winding up of the scheme under this Article (and may vary or revoke any such direction given by it).8The Regulator may by order direct any person specified in the order—ato take such steps as are so specified as it considers are necessary as a result of—ithe winding up of the scheme beginning, by virtue of paragraph (6), immediately before the assessment period, oriithe winding up of the scheme being continued under paragraph (1)(b), andbto take those steps within a period specified in the order.9If the trustees or managers of a scheme fail to comply with a direction to them under paragraph (7), or contained in an order under paragraph (8), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.10That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under paragraph (8).11 The winding up of a scheme under this Article is as effective in law as if it had been made under powers conferred by or under the scheme.12 This Article must be complied with in relation to a scheme—ain spite of any statutory provision or rule of law, or any rule of the scheme, which would otherwise operate to prevent the winding up, andbwithout regard to any such statutory provision, rule of law or rule of the scheme as would otherwise require or might otherwise be taken to require the implementation of any procedure or the obtaining of any consent with a view to the winding up.13Where an assessment period in relation to an eligible scheme comes to an end by virtue of the conditions in paragraph (2) or (5) being satisfied, paragraphs (1) to (4) of Article 134 apply as they apply where an assessment period comes to an end by virtue of the Board ceasing to be involved with the scheme, except that in paragraph (2) of that Article the reference to Article 198 is to be read as a reference to paragraph (6) of this Article.14Where a public service pension scheme (within the meaning of the Pension Schemes Act) is required to be wound up under this Article, the appropriate authority may by order make provision modifying any statutory provision in which the scheme is contained or under which it is made.15In paragraph (14), “the appropriate authority”, in relation to a scheme, means such Minister of the Crown or government department as may be designated by the Treasury or the Department of Finance and Personnel as having responsibility for the particular scheme.1391 In this Article “closed scheme” means an eligible scheme which is authorised under Article 137 to continue as a closed scheme.2 The provisions mentioned in paragraph (3) apply in relation to a closed scheme at any time when the trustees or managers of the scheme are required to wind up or continue winding up the scheme under Article 138 as if that time fell within an assessment period in relation to the scheme.3The provisions are—aArticle 36(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under Article 34);bArticle 45(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under Article 43);cArticle 50(5) and (6) (Board to act as creditor for debt due by virtue of a restoration order under Article 48);dArticle 52(5) and (6) (Board to act as creditor for debt due by virtue of a contribution notice under Article 51);eArticle 117 (admission of new members, payment of contributions etc.);fArticle 118 (directions);gArticle 121 (Board to act as creditor of the employer).4Regulations may require the trustees or managers of a closed scheme in relation to which the provisions mentioned in paragraph (3) apply to comply with such requirements as may be prescribed when providing for the discharge of any liability to, or in respect of, a member of the scheme for pensions or other benefits.1401 Regulations may make provision requiring the trustees or managers of closed schemes to obtain actuarial valuations of the scheme at such intervals as may be prescribed for the purposes of enabling them to determine—athe benefits payable under the scheme rules;bwhether to make an application under Article 141.2Regulations under this Article may prescribe how—a the assets, the full scheme liabilities and the protected liabilities in relation to closed schemes, andbtheir amount or value,are to be determined, calculated and verified.3Subject to any provision made under paragraph (2), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.4In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this Article, a provision of the scheme rules which limits the amount of the scheme's liabilities by reference to the value of its assets is to be disregarded.5 Nothing in regulations under this Article may require the trustees or managers of a closed scheme to obtain an actuarial valuation of the scheme until—athe period within which the issue of the determination notice, under Article 137(6), in respect of the Board's determination to authorise the scheme to continue as a closed scheme, may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.6 In this Article, in relation to a scheme—“actuarial valuation” means a written valuation of—the scheme's assets,the full scheme liabilities, andthe protected liabilities in relation to the scheme,prepared and signed by the actuary;“the actuary” means—the actuary appointed under Article 47(1)(b) of the 1995 Order (professional advisers) in relation to the scheme, orif no such actuary has been appointed—a person with prescribed qualifications or experience, ora person approved by the Department;“assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules;“closed scheme” has the same meaning as in Article 139;“full scheme liabilities” means—the liabilities under the scheme rules to or in respect of members of the scheme,other liabilities of the scheme, andthe estimated cost of winding up the scheme;“liabilities” do not include liabilities in respect of money purchase benefits under the scheme rules.1411 If at any time the trustees or managers of a closed scheme become aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, they must, before the end of the prescribed period beginning with that time, make an application to the Board for it to assume responsibility for the scheme.2Where the Board receives an application under paragraph (1), it must give a copy of the application to the Regulator.3 If at any time the Regulator becomes aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, it must give the Board a notice to that effect.4Where the Board receives a notice under paragraph (3), it must give the trustees or managers of the scheme a notice to that effect.5The duty imposed by paragraph (1) does not apply where the trustees or managers of a closed scheme become aware as mentioned in that paragraph by reason of a notice given to them under paragraph (4).6The duty imposed by paragraph (3) does not apply where the Regulator becomes aware as mentioned in that paragraph by reason of a copy of an application made by the trustees or managers of the closed scheme being given to it under paragraph (2).7Regulations may require notices and applications under this Article to be in the prescribed form and to contain the prescribed information.8If the trustees or managers of a closed scheme fail to comply with paragraph (1), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.9 In this Article—“assets”, in relation to a scheme, do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules;“closed scheme” has the same meaning as in Article 139.1421 Where the trustees or managers of a closed scheme—amake an application under paragraph (1) of Article 141, orbreceive a notice from the Board under paragraph (4) of that Article,the Board must assume responsibility for the scheme in accordance with this Chapter if the value of the assets of the scheme at the relevant time was less than the amount of the protected liabilities at that time.2 In paragraph (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.3 The Board must, as soon as reasonably practicable—adetermine whether the condition in paragraph (1) is satisfied, orbfor the purposes of determining whether that condition is satisfied, obtain an actuarial valuation (within the meaning of Article 127) of the scheme as at the relevant time.3ABefore doing so, it must give the trustees or managers of the scheme a notice stating whether it will make a determination under paragraph (3)(a) or obtain an actuarial valuation under paragraph (3)(b).4Subject to paragraph (6), paragraph (3) of Article 127 applies for the purposes of this Article as it applies for the purposes of that Article (and the definitions contained in paragraphs (b) and (d) of paragraph (11) of that Article apply accordingly).5Subject to paragraph (6), the following provisions apply in relation to a determination made under paragraph (3)(a) and a valuation obtained under paragraph (3)(b) as they apply in relation to a determination made under Article 127(2)(a) and a valuation obtained under Article 127(2)(b)—aparagraphs (4) to (7) and (11)(b) and (d) of that Article;aaArticle 127A (determinations under Article 127), other than paragraphs (1)(c) and (4)(c) (duty to give copy of determinations to employer's insolvency practitioner);bArticle 128 (approval of valuation), other than paragraph (2)(b)(iii) (duty to give copy of approved valuation to employer's insolvency practitioner);cArticle 129 (binding valuations), other than paragraph (3)(c) (duty to give copy of binding valuation to employer's insolvency practitioner).6In the application of Articles 127, 127A and 129 by virtue of paragraph (4) or (5)—aparagraphs (3), (5), (5A), (5B) and (11)(b) and (c) of Article 127 apply as if the references to “the relevant time” were references to that term as defined in paragraph (8), ...aaparagraph (3) of Article 127A applies as if the reference to Article 112(2)(a) included a reference to paragraph (1) of this Article, andbparagraph (2) of Article 129 applies as if the reference to Article 112(2)(a) included a reference to paragraph (1) of this Article.7An application under paragraph (1) of Article 141, or notification under paragraph (4) of that Article, is to be disregarded for the purposes of paragraph (1) if it is made or given during an assessment period (see Articles 116 and 143) in relation to the scheme which began before the application was made or notification was given.8In this Article—“closed scheme” has the same meaning as in Article 139;“the relevant time” means the time immediately before the application mentioned in paragraph (1)(a) was made, or (as the case may be) the notice mentioned in paragraph (1)(b) was received, by the trustees or managers of the scheme.1431Paragraph (3) applies where—aan application is made under paragraph (1) of Article 141 in relation to a closed scheme, orbthe trustees or managers of the scheme receive a notice under paragraph (4) of that Article.2For the purposes of paragraph (1) an application under paragraph (1) of Article 141, or notification under paragraph (4) of that Article, is to be disregarded if it is made or given during an assessment period (see Article 116 and this Article) in relation to the scheme which began before the application was made or notification was given.3An assessment period—abegins when the application is made or the notice is received by the trustees or managers of the scheme, andbends when—ithe trustees or managers receive a transfer notice under Article 144, orii the conditions in Article 138(5) (closed scheme with sufficient assets to meet protected liabilities etc.) are satisfied in relation to the scheme,whichever first occurs.4In this Article “closed scheme” has the same meaning as in Article 139.144 1 This Article applies where the Board is required to assume responsibility for a scheme under Article 111, 112, 136 or 142.2The Board must give the trustees or managers a notice (a “transfer notice”).3In a case to which Article 111 or 112 applies, a transfer notice may not be given until the determination made or valuation obtained under Article 127(2) is binding.4In a case to which Article 142 applies, a transfer notice may not be given until the determination made or valuation obtained under paragraph (3) of that Article is binding.5 A transfer notice may not be given in relation to a scheme during any period when the issue of, or failure to issue, a withdrawal notice under or by virtue of Article 130 or 131 (refusal to assume responsibility) is reviewable (see Article 133(6)(b)).6 The Board must give a copy of any notice given under paragraph (2) to—athe Regulator, andbany insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.7This Article is subject to Article 156(2) (no transfer notice ... when fraud compensation application is pending).

1451 Where a transfer notice is given to the trustees or managers of an eligible scheme, the Board assumes responsibility for the scheme in accordance with this Chapter.2 The effect of the Board assuming responsibility for a scheme is that—a the property, rights and liabilities of the scheme are transferred to the Board, without further assurance, with effect from the time the trustees or managers receive the transfer notice,b the trustees or managers of the scheme are discharged from their pension obligations from that time, andcfrom that time the Board is responsible for securing that compensation is (and has been) paid in accordance with the pension compensation provisions,and, accordingly, the scheme is to be treated as having been wound up immediately after that time.3 In paragraph (2)(a) the reference to liabilities of the scheme does not include any liability to, or in respect of, any member of the scheme, other than—aliabilities in respect of money purchase benefits, andbsuch other liabilities as may be prescribed.4In paragraph (2)(b) “pension obligations” in relation to the trustees or managers of the scheme means—a their obligations to provide pensions or other benefits to or in respect of persons (including any obligation to provide guaranteed minimum pensions within the meaning of the Pension Schemes Act), andbtheir obligations to administer the scheme in accordance with the scheme rules and this or any other statutory provision.5 Schedule 5 makes provision in respect of the transfer of the property, rights and liabilities of a scheme under paragraph (2)(a).6Regulations may make further provision regarding such transfers.7Without prejudice to the generality of paragraph (6), regulations may authorise the Board to modify a term of a relevant contract of insurance if—aany rights or liabilities under the contract are transferred to the Board by virtue of paragraph (2)(a), andb as a result of the transfer, the Board is required, by reason of that term, to pay a specified amount or specified amounts to a specified person who, immediately before the time mentioned in paragraph (2)(a), was a member of the scheme or a person entitled to benefits in respect of such a member.8In paragraph (7)—“relevant contract of insurance” means a contract of insurance which—is entered into with a view to securing the whole or part of the scheme's liability for—any pension or other benefit payable to or in respect of one particular person whose entitlement to payment of a pension or other benefit has arisen, andany benefit which will be payable in respect of that person on his death, andis a contract—which may not be surrendered, orin respect of which the amount payable on surrender does not exceed the liability secured;“specified” means specified in, or determined in accordance with, the contract of insurance.1461 Schedule 6 makes provision for compensation to be paid in relation to a scheme for which the Board assumes responsibility in accordance with this Chapter, including provision for—a periodic compensation to be paid to or in respect of members,b lump sum compensation to be paid to members,c a cap to be imposed on the periodic compensation and lump sum compensation payable, andd annual increases to be made to periodic compensation.2In this Part references to the pension compensation provisions are to the provisions of, and the provisions made by virtue of, this Article, Articles 124 to 126, 145(2)(c), 148 and 152 and Schedule 6.(Those references do not include any provision of, or made by virtue of, Article 154 (discharge of liabilities in respect of money purchase benefits)).1471 This Article applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.2Any benefits (other than money purchase benefits) which—a were payable under the scheme rules to any member, or to any person in respect of any member, during the period beginning with the assessment date and ending with the receipt by the trustees or managers of the transfer notice, andbhave been paid before the trustees or managers receive the transfer notice,are to be regarded as going towards discharging any liability of the Board to pay compensation to the member or, as the case may be, person in accordance with the pension compensation provisions.3Regulations may provide that, in prescribed circumstances, where—a a member of the scheme died before the commencement of the assessment period, andbduring the period mentioned in paragraph (2)(a), a person became 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 paragraph (2), to be treated as having become payable before the assessment date.4The Board must—aif any amount paid, during the period mentioned in paragraph (2)(a), by the trustees or managers of the scheme to a member, or to a person in respect of a member, exceeded the entitlement of that member or person under the pension compensation provisions, take such steps as it considers appropriate (including adjusting future compensation payments made in accordance with those provisions) to recover an amount equal to the aggregate of—ithe amount of the excess, andiiinterest on that amount, at the prescribed rate, for the period which begins when the excess was paid by the trustees or managers and ends with the recovery of the excess, andbif any amount so paid was less than that entitlement (or no amount was paid in respect of that entitlement), pay an amount to the member or person concerned equal to the aggregate of—ithe amount of the shortfall, andiiinterest on that amount, at the prescribed rate, for the period which begins when the shortfall ought to have been paid by the trustees or managers and ends with the payment of the shortfall by the Board.5In paragraph (4) references to an amount paid do not include—aan amount paid in respect of any money purchase benefit, orbany other amount of a prescribed description.6Nothing in paragraph (4) requires the Board—ato recover any amount from a person in such circumstances as may be prescribed, orbto recover from any person any amount which it considers to be trivial.7In this Article “assessment date” is to be construed in accordance with Schedule 6.148 1 Regulations may provide that, where the Board assumes responsibility for an eligible scheme, the entitlement of any member of the scheme to compensation under this Chapter is, in such circumstances as may be prescribed, postponed for the whole or any part of the assessment period for which he continued in employment after attaining normal pension age.2Regulations under paragraph (1) may provide that the postponement is on such terms and conditions (including those relating to increments) as may be prescribed.3In paragraph (1) the reference to “normal pension age” is to normal pension age, within the meaning of paragraph 34 of Schedule 6, in relation to the pension or lump sum in respect of which the entitlement to compensation arises.1491 The Board must notify the Commissioners of Inland Revenue where, by reason of it assuming responsibility for an eligible scheme in accordance with this Chapter, the trustees or managers of the scheme are discharged from their liability to provide a guaranteed minimum pension (within the meaning of the Pension Schemes Act) to or in respect of a member of the scheme.2Notification under paragraph (1) must be given as soon as reasonably practicable.3In section 43 of the Pension Schemes Act (further provision concerning entitlement to a guaranteed minimum pension for the purposes of section 42), after subsection (7) add—8For the purposes of section 42, a person shall be treated as entitled to a guaranteed minimum pension to which he would have been entitled but for the fact that the trustees or managers were discharged from their liability to provide that pension on the Board of the Pension Protection Fund assuming responsibility for the scheme. .1501 This Article applies where the Board assumes responsibility for a scheme in accordance with this Chapter.2Subject to paragraph (4), the Board must pay any amount by way of pensions or other benefits which a person had become entitled to payment of under the scheme rules before the assessment date but which remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme.3If, immediately before the assessment date, the person is entitled to the amount but has postponed payment of it, paragraph (2) does not apply.4Paragraph (2) does not apply in relation to the amount of—aany transfer payment, orbany payment in respect of a refund of contributions.5Regulations may provide that, in prescribed circumstances, where—a a member of the scheme died before the commencement of the assessment period, andbduring the period beginning with the assessment date and ending with the receipt by the trustees or managers of the transfer notice, a person became entitled under the scheme rules to a benefit of a prescribed description in respect of the member,that person's entitlement to the benefit, or to any part of it, is, for the purposes of paragraph (2), to be treated as having arisen before the assessment date.6 Regulations may make provision requiring the Board, in such circumstances as may be prescribed, to take such steps (including making payments) as may be prescribed in respect of rights of prescribed descriptions to which members of the scheme were entitled immediately before the commencement of the assessment period.7For the purposes of regulations made under paragraph (6)—athis Chapter (other than this paragraph), andbthe scheme rules (including any relevant legislative provision within the meaning of Article 2(4)),are to have effect subject to such modifications as may be prescribed.8In this Article “assessment date” is to be construed in accordance with Schedule 6.1511Regulations may modify any of the provisions of this Chapter as it applies to cases—awhere any liability to provide pensions or other benefits to or in respect of any member or members under a scheme is discharged during an assessment period in relation to the scheme by virtue of—iregulations under Article 119(4), oriithe Board validating any action mentioned in Article 119(9), orbwhere, in prescribed circumstances, any such liability of a prescribed description is discharged on the assessment date but before the commencement of the assessment period.2In this Article “assessment date” is to be construed in accordance with Schedule 6.1521Regulations may make further provision regarding the operation and administration of this Chapter.2Regulations under paragraph (1) may, in particular, make provision—a prescribing the manner in which and time when compensation is to be paid (including provision requiring periodic compensation to be paid by instalments);bfor calculating the amounts of compensation according to a prescribed scale or otherwise adjusting them to avoid fractional amounts or facilitate computation;c prescribing the circumstances and manner in which compensation to which a person ( “the beneficiary”) is entitled may be made to another person on behalf of the beneficiary for any purpose (including the discharge in whole or in part of an obligation of the beneficiary or any other person);d for the payment or distribution of compensation to or among persons claiming to be entitled on the death of any person and for dispensing with strict proof of their title;e for the recovery of amounts of compensation paid by the Board in excess of entitlement (together with interest on such amounts for the period from payment until recovery);f specifying the circumstances in which payment of compensation can be suspended.3In this Article “compensation” means compensation payable under Schedule 6 or under Article 125(2).152A1Regulations may make provision for the purpose of enabling the Board to recover prescribed charges in respect of complying with a relevant order or provision.2In paragraph (1) “a relevant order or provision” means any of the following—aan order under Article 25 of the Matrimonial Causes (Northern Ireland) Order 1978 (financial provision in connection with divorce etc.) so far as the order—iincludes provision made by virtue of Article 27B or 27C of that Order (powers to include provision about pensions), andiiapplies in relation to the Board by virtue of Article 27E of that Order;ban order under Article 25 of that Order so far as the order includes provision made by virtue of Article 27F of that Order (attachment of pension compensation on divorce etc.);can order under Part 1 of Schedule 15 to the Civil Partnership Act 2004 (financial provision orders in connection with dissolution of civil partnerships etc.: Northern Ireland) so far as the order—iincludes provision made by virtue of Part 5 of that Schedule (powers to include provision about pensions), andiiapplies in relation to the Board by virtue of Part 6 of that Schedule;dan order under Part 1 of that Schedule so far as the order includes provision made by virtue of paragraph 29A of that Schedule (attachment of pension compensation on dissolution of civil partnership etc.: Northern Ireland);ean order made under any provision corresponding to a provision mentioned in sub-paragraphs (a) to (d) in force in England and Wales;fan order or provision to which any of paragraphs (f) and (g) of section 168A(2) of the Pensions Act 2004 applies;gan order or provision of a kind mentioned in Article 25(1) of the 1999 Order (pension sharing) so far as the order or provision applies in relation to the Board by virtue of Article 199 of this Order.3Regulations under paragraph (1) may include provision enabling the Board to set off against any PPF compensation payable to a person any charges owed to it by that person under the regulations.4In this Article “PPF compensation” means compensation payable—aunder or by virtue of this Chapter, orbunder or by virtue of Chapter 1 of Part 3 of the Pensions (No. 2) Act (Northern Ireland) 2008 (pension compensation on divorce etc.).1531 This Article applies where the Board assumes responsibility for an eligible scheme in accordance with this Chapter.2The Board may provide for the discharge of any liability imposed by this Chapter to provide compensation—aby the taking out of a policy of insurance or a number of such policies;bby the entry into an annuity contract or a number of such contracts;cby the transfer of the benefit of such a policy or policies or such a contract or contracts;din prescribed circumstances, by the payment of a cash sum calculated in the prescribed manner.1541 This paragraph applies where—athe Board assumes responsibility for an eligible scheme in accordance with this Chapter, andbone or more members are entitled, or have accrued rights, under the scheme rules to money purchase benefits.2Regulations must make provision in respect of cases to which paragraph (1) applies requiring the Board to secure that liabilities in respect of such benefits transferred to the Board under Article 145 are discharged by it in the prescribed manner.3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4In this Article—“accrued rights”, under the scheme rules, include pension credit rights within the meaning of Article 121(1) of the 1995 Order;...1551This Article applies where—aa woman has been employed on like work with a man in the same employment,ba woman has been employed on work rated as equivalent with that of a man in the same employment, orca woman has been employed on work which, not being work in relation to which sub-paragraph (a) or (b) applies, was, in terms of the demands made on her (for instance under such headings as effort, skill and decision), of equal value to that of a man in the same employment,and service in that employment was pensionable service under an occupational pension scheme.2If, apart from this paragraph, any of the payment functions so far as it relates (directly or indirectly) to that pensionable service —ais or becomes less favourable to the woman than it is to the man, orbis or becomes less favourable to the man than it is to the woman,that function has effect with such modifications as are necessary to ensure that the provision is not less favourable.3Paragraph (2) does not operate in relation to any difference as between a woman and a man in the operation of any of the payment functions if the Board proves that the difference is genuinely due to a material factor which—ais not the difference of sex, butbis a material difference between the woman's case and the man's case.4Paragraph (2) does not apply in such circumstances as may be prescribed.5This Article has effect in relation to the exercise of any payment function in so far as it relates (directly or indirectly) to any pensionable service on or after 17th May 1990.6In this Article—“payment function” means any function conferred on the Board by or by virtue of this Chapter which relates to a person's entitlement to or the payment of any amount under or by virtue of—the pension compensation provisions,Article 150 (duty to pay scheme benefits unpaid at assessment date etc.),Article 153 (discharge of liabilities in respect of compensation), orArticle 154 (discharge of liabilities in respect of money purchase benefits);“pensionable service” has the meaning given by Article 121(1) of the 1995 Order.1561 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Where an application has been made under Article 165 (application for fraud compensation payment), no transfer notice may be given until—athe Board has determined the application,bthe period within which the Board's determination may be reviewed by virtue of Chapter 6 has expired, andcif the determination is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the determination, andiiiany appeal against his determination or directions,has been finally disposed of.3Paragraph (4) applies where during an assessment period in relation to a scheme the Board determines to make one or more fraud compensation payments ( “the fraud compensation”) to the trustees or managers of the scheme under Chapter 4.4 For the purposes of determining whether the condition in Article 111(2)(a), 112(2)(a), 136(2) or (2B) or 142(1) is satisfied, any fraud compensation payment which becomes payable after the relevant time is, to the extent that it relates to a loss incurred by the scheme before that time, to be regarded as an asset of the scheme at that time.5For the purposes of paragraph (4) “the relevant time”ain the case of Article 111(2)(a), has the same meaning as in that provision,bin the case of Article 112(2)(a), has the same meaning as in that provision,cin the case of Article 136(2) or (2B), means the reconsideration time (within the meaning of Article 135), anddin the case of Article 142(1), has the same meaning as in that provision.6 Paragraph (4) does not apply to the extent that the fraud compensation is payable in respect of a reduction in the value of money purchase assets of the scheme.For this purpose “money purchase assets” means assets representing the value of any rights in respect of money purchase benefits under the scheme rules.1571Regulations must make provision for imposing a levy ( “the initial levy”) in respect of eligible schemes for the period ( “the initial period”) which—abegins with the day appointed for this purpose by the regulations, andbends on the following 31st March or, if the regulations so provide, 12 months after the day referred to in sub-paragraph (a).2The regulations must prescribe—athe factors by reference to which the initial levy is to be assessed,bthe rate of the levy, andcthe time or times during the initial period when the levy, or any instalment of the levy, becomes payable.3Regulations under this Article may only be made with the approval of the Department of Finance and Personnel.1581For each financial year falling after the initial period, the Board must impose both of the following—aa risk-based pension protection levy in respect of all eligible schemes;ba scheme-based pension protection levy in respect of eligible schemes.In this Chapter “pension protection levy” means a levy imposed in accordance with this Article.2For the purposes of this Article—a a risk-based pension protection levy is a levy assessed by reference to—ithe difference between the value of a scheme's assets (disregarding any assets representing the value of any rights in respect of money purchase benefits under the scheme rules) and the amount of its protected liabilities,iiexcept in relation to any prescribed scheme or scheme of a prescribed description, the likelihood of an insolvency event occurring in relation to the employer in relation to a scheme, andiiiif the Board considers it appropriate, one or more other risk factors mentioned in paragraph (3), andba scheme-based pension protection levy is a levy assessed by reference to—ithe amount of a scheme's liabilities to or in respect of members (other than liabilities in respect of money purchase benefits), andiiif the Board considers it appropriate, one or more other scheme factors mentioned in paragraph (4).3The other risk factors referred to in paragraph (2)(a)(iii) are factors which the Board considers indicate one or more of the following—athe risks associated with the nature of a scheme's investments when compared with the nature of its liabilities;bsuch other matters as may be prescribed.4The other scheme factors referred to in paragraph (2)(b)(ii) are—athe number of persons who are members, or fall within any description of member, of a scheme;bthe total annual amount of pensionable earnings of active members of a scheme;csuch other factors as may be prescribed.5The Board must, before the beginning of each financial year, determine in respect of that year—athe factors by reference to which the pension protection levies are to be assessed,bthe time or times by reference to which those factors are to be assessed,cthe rate of the levies, anddthe time or times during the year when the levies, or any instalment of levy, becomes payable.6Different risk factors, scheme factors or rates may be determined in respect of different descriptions of scheme.7The rate determined in respect of a description of scheme may be nil.8In this Article—“initial period” is to be construed in accordance with Article 157;“pensionable earnings”, in relation to an active member under a scheme, means the earnings by reference to which a member's entitlement to benefits would be calculated under the scheme rules if he ceased to be an active member at the time by reference to which the factor within paragraph (4)(b) is to be assessed.9The Board's duty to impose pension protection levies in respect of any financial year is subject to—aArticle 160 (amounts to be raised by the pension protection levies), andbArticle 163 (transitional provision).1591The Board must consult such persons as it considers appropriate in the prescribed manner before making a determination under Article 158(5) in respect of a financial year if—athat year is the first financial year for which the Board is required to impose levies under Article 158,bany of the proposed levy factors or levy rates is different, or applies to a different description of scheme, from the levy factors and levy rates in respect of the pension protection levies imposed in the previous financial year, orcno consultation has been required under this paragraph in relation to the pension protection levies imposed for either of the previous two financial years.2The Board must publish details of any determination under Article 158(5) in the prescribed manner.1601Before determining the pension protection levies to be imposed for a financial year, the Board must estimate the amount which will be raised by the levies it proposes to impose.2The Board must impose levies for a financial year in a form which it estimates will raise an amount not exceeding the levy ceiling for the financial year.3The pension protection levies imposed for a financial year must be in a form which the Board estimates will result in at least 80% of the amount raised by the levies for that year being raised by the risk-based pension protection levy.4For the first financial year after the transitional period, regulations may modify paragraph (2) so as to provide that the reference to the levy ceiling for the financial year is to be read as a reference to such lower amount as is prescribed.5For the second financial year after the transitional period and for any subsequent financial year, the Board must impose pension protection levies in a form which it estimates will raise an amount which does not exceed by more than 25% the amount estimated under paragraph (1) in respect of the pension protection levies imposed for the previous financial year.6Whenever the Secretary of State makes an order under section 177(6) of the Pensions Act 2004 (c. 35), the Department may make a corresponding order for Northern Ireland.7Regulations under paragraph (4) may be made only with the approval of the Department of Finance and Personnel.8In this Article—a“risk-based pension protection levy” and “scheme-based pension protection levy” are to be construed in accordance with Article 158, andb“transitional period” has the meaning given by Article 163(3).161Whenever the Secretary of State makes an order under section 178 of the Pensions Act 2004 (c. 35), the Department may make a corresponding order for Northern Ireland.1621For the purposes of enabling risk-based pension protection levies (within the meaning of Article 158) to be calculated in respect of eligible schemes, regulations may make provision requiring the trustees or managers of each such scheme to provide the Board or the Regulator on the Board's behalf—a with an actuarial valuation of the scheme at such intervals as may be prescribed, andbwith such other information as the Board may require in respect of the assets and protected liabilities of the scheme at such times as may be prescribed.2For the purposes of this Article, in relation to a scheme—“an actuarial valuation” means a written valuation of the scheme's assets and protected liabilities prepared and signed by the actuary;“the actuary” means—the actuary appointed under Article 47(1)(b) of the 1995 Order (professional advisers) in relation to the scheme, orif no such actuary has been appointed—a person with prescribed qualifications or experience, ora person approved by the Department.3Regulations under this Article may prescribe how—athe assets and the protected liabilities of schemes, andbtheir amount or value,are to be determined, calculated and verified.4Subject to any provision made under paragraph (3), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.5In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this Article, a provision of the scheme rules which limits the amount of the scheme's liabilities by reference to the value of its assets is to be disregarded.6In this Article references to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.1631Regulations may provide that in respect of any financial year during the transitional period—aArticles 158 and 160(3) are to apply with such modifications as may be prescribed;bArticle 160(2) is to apply as if the reference to the levy ceiling for the financial year were a reference to such lower amount as is specified in the regulations.2Regulations which contain provision made by virtue of paragraph (1)(b) may only be made with the approval of the Department of Finance and Personnel.3For the purposes of this Article “the transitional period” means the prescribed period beginning immediately after the initial period (within the meaning of Article 157).4If the transitional period begins with a date other than 1st April, regulations may provide that any provision of this Article or of Articles 158 to 162 applies, with such modifications as may be prescribed, in relation to—athe period beginning at the same time as the transitional period and ending with the following 31st March, andbthe financial year which begins immediately after that period.1641This Article applies in relation to—athe initial levy imposed under Article 157 in respect of a scheme, andbany pension protection levy imposed under Article 158 in respect of a scheme.2The levy is payable to the Board by or on behalf of—athe trustees or managers of the scheme, orbany other prescribed person.3The Board must in respect of the levy—adetermine the schemes in respect of which it is imposed,bcalculate the amount of the levy in respect of each of those schemes, andcnotify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.4The Board may require the Regulator to discharge, on the Board's behalf, its functions under paragraph (3) in respect of the levy.5Where a scheme is an eligible scheme for only part of the period for which the levy is imposed, except in prescribed circumstances, the amount of the levy payable in respect of the scheme for that period is such proportion of the full amount as that part bears to that period.6An amount payable by a person on account of the levy is a debt due from him to the Board.7An amount so payable may be recovered—aby the Board, orbif the Board so determines, by the Regulator on its behalf.8Regulations may make provision relating to—athe collection and recovery of amounts payable by way of any levy in relation to which this Article applies;bthe circumstances in which any such amount may be waived.164A1Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a pension protection levy.2Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.3Interest payable by a person by virtue of this Article is a debt due from the person to the Board.4Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.5Without prejudice to the generality of paragraph (1), regulations under this Article may include provision relating to—athe collection and recovery of interest;bthe circumstances in which interest may be waived.CHAPTER 41651 The Board shall, in accordance with this Article, make one or more payments (in this Part referred to as “fraud compensation payments”) in respect of an occupational pension scheme if—athe scheme is not a prescribed scheme or a scheme of a prescribed description,b the value of the assets of the scheme has been reduced since the relevant date and the Board considers that there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting a prescribed offence,cparagraph (2), (3) or (4) applies,dan application is made which meets the requirements of paragraph (5), andethe application is made within the authorised period.2This paragraph applies where—a a qualifying insolvency event has occurred in relation to the employer in relation to the scheme,b after that event, a scheme failure notice has been issued under Article 106(2)(a) in relation to the scheme and that notice has become binding, andca cessation event has not occurred in relation to the scheme in respect of a cessation notice which has been issued during the period—i beginning with the occurrence of the insolvency event, andii ending immediately before the issuing of the scheme failure notice under Article 106(2)(a),and the occurrence of such a cessation event in respect of a cessation notice issued during that period is not a possibility.3This paragraph applies where—ain relation to the scheme, an application has been made under paragraph (1), or a notification has been given under paragraph (5)(a), of Article 113, andb in response to that application, or the notice given by the Regulator under paragraph (4) of that Article, the Board has issued a scheme failure notice under Article 114(2) in relation to the scheme and that notice has become binding.4This paragraph applies where—athe scheme is not an eligible scheme,b the employer in relation to the scheme is unlikely to continue as a going concern,c the prescribed requirements are met in relation to the employer,dthe application under this Article states that the case is one in relation to which sub-paragraphs (b) and (c) apply, andein response to that application the Board has issued a notice under Article 166(2) confirming that a scheme rescue is not possible in relation to the scheme and that notice has become binding.5An application meets the requirements of this paragraph if—ait is made by a prescribed person, andbit is made in the prescribed manner and contains the prescribed information.6Subject to paragraph (7), an application is made within the authorised period if it is made within the period of 12 months beginning with the later of—athe time of the relevant event, orbthe time when the auditor or actuary of the scheme, or the trustees or managers, knew or ought reasonably to have known that a reduction of value falling within paragraph (1)(b) had occurred,or within such longer period as the Board may determine in any case.7 No application for fraud compensation may be made under this Article in respect of a scheme once a transfer notice is given in relation to the scheme under Article 144.8 For the purposes of this Article, an insolvency event ( “the current event”) in relation to the employer is a qualifying insolvency event if—ait occurs on or after the day appointed under Article 110(2), andbeither—iit is the first insolvency event to occur in relation to the employer on or after that day, oriia cessation event has occurred in relation to the scheme in respect of a cessation notice issued during the period—abeginning with the occurrence of the last insolvency event which occurred before the current event, andbending with the occurrence of the current event.9For the purposes of this Article—a a cessation event in relation to a scheme occurs when a cessation notice in relation to the scheme becomes binding,ba “cessation notice” means—ia withdrawal notice issued in relation to the scheme under Article 106(2)(b) (scheme rescue has occurred),iia withdrawal notice issued in relation to the scheme under Article 114(3) (scheme rescue has occurred),iiia withdrawal notice issued in relation to the scheme under Article 132 (no insolvency event has occurred or is likely to occur),iva notice issued in relation to the scheme under Article 166(2)(b) (scheme rescue has occurred), orva notice issued under Article 106(4) (inability to confirm status of scheme) in a case where the notice has become binding and Article 132 does not apply,c the occurrence of a cessation event in relation to a scheme in respect of a cessation notice issued during a particular period ( “the specified period”) is a possibility until each of the following is no longer reviewable—iany cessation notice which has been issued in relation to the scheme during the specified period;iiany failure to issue such a cessation notice during the specified period;iiiany notice which has been issued by the Board under Chapter 2 or 3 which is relevant to the issue of a cessation notice in relation to the scheme during the specified period or to such a cessation notice which has been issued during that period becoming binding;ivany failure to issue such a notice as is mentioned in head (iii), anddthe issue of, or failure to issue, a notice is to be regarded as reviewable—iduring the period within which it may be reviewed by virtue of Chapter 6, andiiif the matter is so reviewed, until—athe review and any reconsideration,bany reference to the PPF Ombudsman in respect of the matter, andcany appeal against his determination or directions,has been finally disposed of.10In this Article—“auditor” and “actuary”, in relation to an occupational pension scheme, have the meaning given by Article 47 of the 1995 Order;“the relevant event” means—in a case where paragraph (2) applies in relation to an eligible scheme, the event within sub-paragraph (a) of that paragraph,in any other case where paragraph (2) applies, the issue of the scheme failure notice under Article 106(2)(a) mentioned in sub-paragraph (b) of that paragraph,in a case where paragraph (3) applies, the event within sub-paragraph (a) of that paragraph, andin a case where paragraph (4) applies, the trustees or managers becoming aware that sub-paragraphs (b) and (c) of that paragraph apply in relation to the scheme;“the relevant date” means—in the case of an occupational pension scheme established under a trust, 6th April 1997, andin any other case, the day appointed by the Department by order for the purposes of this Article.11This Article is subject to Article 167(2) (no fraud compensation payments to be made until settlement date determined).1661 This Article applies where, in a case to which sub-paragraphs (a) to (c) of paragraph (4) of Article 165 apply (employer not likely to continue as going concern etc.), the Board receives an application within sub-paragraph (d) of that paragraph.2 If the Board is able to confirm—athat a scheme rescue is not possible, orbthat a scheme rescue has occurred,it must, as soon as reasonably practicable, issue a notice to that effect.3Where the Board issues a notice under paragraph (2), it must, as soon as reasonably practicable, give a copy of the notice to—athe Regulator,bthe trustees or managers of the scheme,cif the trustees or managers did not make the application mentioned in paragraph (1), the person who made that application, andd any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.4For the purposes of this Chapter a notice issued under paragraph (2) is not binding until—athe period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, andbif the issue of the notice is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the issue of the notice, andiiiany appeal against his determination or directions,has been finally disposed of and the notice has not been revoked, varied or substituted.5Where a notice issued under paragraph (2) 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 the persons to whom it is required to give a copy notice under paragraph (3).6A notice under paragraph (5) must be in the prescribed form and contain such information as may be prescribed.7Article 114(5) (circumstances in which scheme rescue can or cannot be confirmed) applies for the purposes of this Article.1671Where an application for a fraud compensation payment is made, the trustees or managers must obtain any recoveries of value, to the extent that they may do so without disproportionate cost and within a reasonable time.2No fraud compensation payment may be made until the date ( “the settlement date”) determined by the Board, after consulting the trustees or managers of the scheme in question, as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost or within a reasonable time.3 In this Article “recovery of value” means any increase in the value of the assets of the scheme, being an increase attributable to any payment received (otherwise than from the Board) by the trustees or managers of the scheme in respect of any act or omission—awhich there are reasonable grounds for believing constituted an offence prescribed for the purposes of sub-paragraph (b) of Article 165(1), andbto which any reduction in value falling within that sub-paragraph was attributable.4It is for the Board to determine whether anything received by the trustees or managers of the scheme is to be treated as a payment received in respect of any such act or omission.For this purpose “payment” includes any money or money's worth.1681Where the Board determines to make one or more fraud compensation payments, it must make the payment or payments to the trustees or managers of the scheme in accordance with this Article.2A fraud compensation payment may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.3The amount of the payment (or, if there is more than one, the aggregate) must not exceed the difference between—athe amount of the reduction (or, if more than one, the aggregate amount of the reductions) within Article 165(1)(b), andbthe amount of any recoveries of value obtained before the settlement date (within the meaning of Article 167(2)).4Subject to paragraph (3), the Board—amust determine the amount of any fraud compensation payment in accordance with regulations made for the purposes of this paragraph, andbmust take account of any interim payment already made under Article 169.5The Board must give written notice of its determination under paragraph (4) to—athe Regulator,bthe trustees or managers of the scheme,cif the trustees or managers did not make the application under Article 165 (fraud compensation payments), the person who made that application, andd any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.1691 The Board may, on an application under Article 165, make a payment or payments to the trustees or managers of an occupational pension scheme if—ait is of the opinion that—ithe case is one to which paragraph (1) of that Article applies or may apply, andiithe trustees or managers would not otherwise be able to meet liabilities of a prescribed description, butbit has not determined the settlement date under Article 167.2Amounts payable under this Article must not exceed the amounts determined in accordance with regulations.3The Board may, except in prescribed circumstances, recover so much of any payment made under paragraph (1) as it considers appropriate if, after the payment is made, it determines—athat the case is not one to which Article 165(1) applies, orbthat the amount of the payment was excessive.4Subject to that, a payment under paragraph (1) may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.1701This Article applies where—athe Board assumes responsibility for a scheme in accordance with Chapter 3,bthe value of the assets of the scheme was reduced after the relevant date but before the transfer notice (within the meaning of Article 144) was received by the trustees or managers of the scheme and there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting an offence prescribed for the purposes of Article 165(1)(b), andcno application was made under Article 165 in respect of that reduction (or any such application was withdrawn before it was determined).2The Board may transfer an amount from the Fraud Compensation Fund to the Pension Protection Fund ( “fraud compensation transfer payment”) in respect of the reduction in value, subject to the provisions of this Article.3The Board must obtain any recoveries of value, to the extent that it may do so without disproportionate cost and within a reasonable time.4No fraud compensation transfer payment may be made until the date determined by the Board as the date after which further recoveries of value are unlikely to be obtained without disproportionate cost and within a reasonable time.5In this Article “recovery of value” means any increase in the value of the Pension Protection Fund, being an increase attributable to any payment received (otherwise than under this Article) by the Board in respect of any act or omission—awhich there are reasonable grounds for believing constituted an offence prescribed for the purposes of Article 165(1)(b), andbto which any reduction in value falling within paragraph (1)(b) was attributable.6It is for the Board to determine whether anything received by it is to be treated as a payment received in respect of any such act or omission.For this purpose “payment” includes any money or money's worth.7The amount of any fraud compensation transfer payment (or, if there is more than one, the aggregate) must not exceed the difference between—athe amount of the reduction (or, if more than one, the aggregate amount of the reductions) within paragraph (1)(b), andbthe amount of any recoveries of value obtained by the Board before the date determined by the Board under paragraph (4).8Subject to paragraph (7), the Board must determine the amount of any fraud compensation transfer payment in accordance with regulations made for the purposes of this paragraph.9In this Article “the relevant date” has the meaning given by Article 165(10).1711For the purposes of meeting expenditure payable out of the Fraud Compensation Fund, regulations may provide for the imposition of a levy ( “fraud compensation levy”) in respect of occupational pension schemes.2Paragraph (1) does not apply in relation to any scheme which is prescribed or of a description prescribed under Article 165(1)(a) (schemes not eligible for fraud compensation).3A fraud compensation levy imposed in respect of a scheme is payable to the Board by or on behalf of—athe trustees or managers of the scheme, orbany other prescribed person.4A fraud compensation levy is so payable at prescribed times and at a rate, not exceeding the prescribed rate, determined by the Board.5In determining the amount of expenditure in respect of which a fraud compensation levy is to be imposed, the Board may take one year with another (and, in doing so, must have regard to expenditure estimated to be incurred in current or future periods and to actual expenditure incurred in previous periods).6Notice of the rates determined by the Board under paragraph (4) must be given to prescribed persons in the prescribed manner.7The Board must in respect of any fraud compensation levy imposed under this Article—adetermine the schemes in respect of which it is imposed,bcalculate the amount of the levy in respect of each of those schemes, andcnotify any person liable to pay the levy in respect of the scheme of the amount of the levy in respect of the scheme and the date or dates on which it becomes payable.8The Board may require the Regulator to discharge, on the Board's behalf, its functions under paragraph (7) in respect of the levy.9An amount payable by a person on account of a fraud compensation levy is a debt due from him to the Board.10An amount so payable may be recovered—aby the Board, orbif the Board so determines, by the Regulator on its behalf.11Without prejudice to the generality of paragraph (1), (9) or (10), regulations under this Article may include provision relating to—athe collection and recovery of amounts payable by way of levy under this Article;bthe circumstances in which any such amount may be waived.171A1Regulations may make provision for interest to be charged at the prescribed rate in the case of late payment of a fraud compensation levy.2Interest is payable by or on behalf of the person or persons by or on behalf of whom the levy is payable.3Interest payable by a person by virtue of this Article is a debt due from the person to the Board.4Interest is recoverable by the Board or, if the Board so determines, by the Regulator on its behalf.5Without prejudice to the generality of paragraph (1), regulations under this Article may include provision relating to—athe collection and recovery of interest;bthe circumstances in which interest may be waived.CHAPTER 51721Regulations may require such persons as may be prescribed to provide—ato the Board, orbto a person—iwith whom the Board has made arrangements under paragraph 2 of Schedule 4, andiiwho is authorised by the Board for the purposes of the regulations,information of a prescribed description at such times, or in such circumstances, as may be prescribed.2Regulations under paragraph (1) may in particular make provision for requiring such persons as may be prescribed to provide any information or evidence needed for a determination of entitlement to compensation under Chapter 3.3Regulations made by virtue of sub-paragraph (b) of that paragraph must make provision regarding the manner in which the persons required to provide information are to be notified of the identity of the person authorised as mentioned in head (ii) of that sub-paragraph.1731Any person to whom paragraph (3) applies may be required by a notice in writing to produce any document, or provide any other information, which is—aof a description specified in the notice, andbrelevant to the exercise of the Board's functions in relation to an occupational pension scheme.2A notice under paragraph (1) may be given by—athe Board, orba person authorised by the Board for the purposes of this Article in relation to the scheme.3This paragraph applies to—aa trustee or manager of the scheme,ba professional adviser in relation to the scheme,cthe employer in relation to the scheme,dan insolvency practitioner in relation to the employer, andeany other person appearing to the Board, or person giving the notice, to be a person who holds, or is likely to hold, information relevant to the discharge of the Board's functions in relation to the scheme.4Where the production of a document, or the provision of information, is required by a notice given under paragraph (1), the document must be produced, or information must be provided, in such a manner, at such a place and within such a period as may be specified in the notice.1741An appointed person may, for the purpose of enabling or facilitating the performance of any function of the Board in relation to an occupational pension scheme, at any reasonable time enter scheme premises and, while there—amay make such examination and inquiry as may be necessary for such purpose,bmay require any person on the premises to produce, or secure the production of, any document relevant to that purpose for inspection by the appointed person,cmay take copies of any such document,dmay take possession of any document appearing to be such a document or take in relation to any such document any other steps which appear necessary for preserving it or preventing interference with it,emay, in the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, require the information to be produced in a form—iin which it can be taken away, andiiin which it is legible or from which it can readily be produced in a legible form, andfmay, as to any matter relevant to the exercise of the Board's functions in relation to the scheme, examine, or require to be examined, either alone or in the presence of another person, any person on the premises whom he has reasonable cause to believe to be able to give information relevant to that matter.2Premises are scheme premises for the purposes of paragraph (1) if the appointed person has reasonable grounds to believe that—athey are being used for the business of the employer,ban insolvency practitioner in relation to the employer is acting there in that capacity,cdocuments relevant to—ithe administration of the scheme, oriithe employer,are being kept there, ordthe administration of the scheme, or work connected with the administration of the scheme, is being carried out there,unless the premises are a private dwelling-house not used by, or by permission of, the occupier for the purposes of a trade or business.3An appointed person applying for admission to any premises for the purposes of this Article must, if so required, produce his certificate of appointment.4When exercising a power under this Article an appointed person may be accompanied by such persons as he considers appropriate.5Any document of which possession is taken under this Article may be retained until the end of the period comprising—athe period of 12 months beginning with the date on which possession was taken of the document, andbany extension of that period under paragraph (6).6The Board may before the end of the period mentioned in paragraph (5) (including any extension of it under this paragraph) extend it by such period not exceeding 12 months as the Board considers appropriate.7In this Article “appointed person” means a person appointed by the Board for the purposes of this Article in relation to the scheme.1751A person who, without reasonable excuse, neglects or refuses to provide information or produce a document when required to do so under Article 173 is guilty of an offence.2A person who without reasonable excuse—aintentionally delays or obstructs an appointed person exercising any power under Article 174,bneglects or refuses to produce, or secure the production of, any document when required to do so under that Article, orcneglects or refuses to answer a question or to provide information when so required,is guilty of an offence.3In paragraph (2)(a) “appointed person” has the same meaning as it has in Article 174.4A person guilty of an offence under paragraph (1) or (2) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.5An offence under paragraph (1) or (2)(b) or (c) may be charged by reference to any day or longer period of time; and a person may be convicted of a second or subsequent offence by reference to any period of time following the preceding conviction of the offence.6Any person who intentionally and without reasonable excuse alters, suppresses, conceals or destroys any document which he is or is liable to be required to produce under Article 173 or 174 is guilty of an offence.7Any person guilty of an offence under paragraph (6) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.1761A justice of the peace may issue a warrant under this Article if satisfied on complaint on oath given by or on behalf of the Board that there are reasonable grounds for believing—athat there is on, or accessible from, any premises any document—iwhose production has been required under Article 173 or 174, or any corresponding provision in force in Great Britain, andiiwhich has not been produced in compliance with that requirement,bthat there is on, or accessible from, any premises any document relevant to the exercise of the Board's functions in relation to an occupational pension scheme whose production could be so required and, if its production were so required, the document—iwould not be produced, butiiwould be removed, or made inaccessible, from the premises, hidden, tampered with or destroyed, orcthat a person will do any act which constitutes a misuse or misappropriation of the assets of an occupational pension scheme and that there is on, or accessible from, any premises any document—iwhich relates to whether the act will be done, andiiwhose production could be required under Article 173 or 174 or any corresponding provision in force in Great Britain.2A warrant under this Article shall authorise an inspector—ato enter the premises specified in the complaint, using such force as is reasonably necessary for the purpose,bto search the premises and—itake possession of any document appearing to be such a document as is mentioned in paragraph (1), oriitake in relation to such a document any other steps which appear necessary for preserving it or preventing interference with it,cto take copies of any such document,dto require any person named in the warrant to provide an explanation of any such document or to state where it may be found or how access to it may be obtained, andein the case of any such document which consists of information which is stored in electronic form and is on, or accessible from, the premises, to require the information to be produced in a form—iin which it can be taken away, andiiin which it is legible or from which it can readily be produced in a legible form.3When executing a warrant under this Article, an inspector may be accompanied by such persons as he considers appropriate.4A warrant under this Article continues in force until the end of the period of one month beginning with the day on which it is issued.5Any document of which possession is taken under this Article may be retained until the end of the period comprising—athe period of 12 months beginning with the date on which possession was taken of the document, andbany extension of that period under paragraph (6).6The Board may before the end of the period mentioned in paragraph (5) (including any extension of it under this paragraph) extend it by such period not exceeding 12 months as the Board considers appropriate.7In this Article “inspector” means a person appointed by the Board as an inspector.1771Any person who knowingly or recklessly provides information which is false or misleading in a material particular is guilty of an offence if the information—ais provided in purported compliance with a requirement under—iArticle 172 (information to be provided to the Board etc.),iiArticle 173 (notices requiring provision of information), oriiiArticle 174 (entry of premises), orbis provided otherwise than as mentioned in sub-paragraph (a) but in circumstances in which the person providing the information intends, or could reasonably be expected to know, that it would be used by the Board for the purposes of exercising its functions under this Order.2Any person guilty of an offence under paragraph (1) is liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.178Information held by the Board in the exercise of any of its functions may be used by the Board for the purposes of, or for any purpose connected with or incidental to, the exercise of its functions.1791Restricted information must not be disclosed—aby the Board, orbby any person who receives the information directly or indirectly from the Board.2Paragraph (1) is subject to—aparagraph (3), andbArticles 180 to 185 and section 235 of the Pensions Act 2004 (c. 35).3Subject to Article 184(4), restricted information may be disclosed with the consent of the person to whom it relates and (if different) the person from whom the Board obtained it.4For the purposes of this Article and Articles 180 to 185, “restricted information” means any information obtained by the Board in the exercise of its functions which relates to the business or other affairs of any person, except for information—awhich at the time of the disclosure is or has already been made available to the public from other sources, orbwhich is in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.5Any person who discloses information in contravention of this Article is guilty of an offence and liable—aon summary conviction, to a fine not exceeding the statutory maximum;bon conviction on indictment, to a fine or imprisonment for a term not exceeding two years, or both.6Information which—ais obtained under Article 173 by a person authorised under paragraph (2)(b) of that Article, butbif obtained by the Board, would be restricted information,is treated for the purposes of paragraphs (1) and (3) and Articles 180 to 185 as restricted information which the person has received from the Board.1801Article 179 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Board to exercise its functions.2Paragraph (3) applies where, in order to enable or assist the Board properly to exercise any of its functions, the Board considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill.3Article 179 does not preclude the disclosure by the Board to a person qualified to provide that advice of such information as appears to the Board to be necessary to ensure that he is properly informed with respect to the matters on which his advice is sought.181Article 179 does not preclude the disclosure of restricted information in any case in which disclosure is for the purpose of enabling or assisting the Regulator to exercise its functions.1821Article 179 does not preclude the disclosure by the Board of restricted information to any person specified in the first column of Schedule 7 if the Board considers that the disclosure would enable or assist that person to exercise the functions specified in relation to him in the second column of that Schedule.2The Department may after consultation with the Board—aby order amend Schedule 7 by—iadding any person exercising regulatory functions and specifying functions in relation to that person,iiremoving any person for the time being specified in that Schedule, oriiialtering the functions for the time being specified in that Schedule in relation to any person, orbby order restrict the circumstances in which, or impose conditions subject to which, disclosure may be made to any person for the time being specified in that Schedule.1831Article 179 does not preclude the disclosure by the Board of restricted information to—athe Department,bthe Commissioners of Inland Revenue or their officers, orcthe Secretary of State,if the disclosure appears to the Board to be desirable or expedient in the interests of members of occupational pension schemes or in the public interest.2Article 179 does not preclude the disclosure of restricted information—aby or on behalf of—ithe Board, oriiany public authority (within the meaning of section 6 of the Human Rights Act 1998 (c. 42)) which receives the information directly or indirectly from the Board,for any of the purposes specified in section 17(2)(a) to (d) of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (criminal proceedings and investigations),bin connection with any proceedings arising out of—ithis Order,iithe 1999 Order,iiithe 1995 Order, orivthe Pension Schemes Act,or any corresponding enactment in force in Great Britain, or any proceedings for breach of trust in relation to an occupational pension scheme,cwith a view to the institution of, or otherwise for the purposes of, proceedings under—iArticle 10 or 11 of the Company Directors Disqualification (Northern Ireland) Order 2002 (NI 4), oriisection 7 or 8 of the Company Directors Disqualification Act 1986 (c. 46),din connection with any proceedings under—ithe Insolvency Order, oriithe Insolvency Act 1986 (c. 45),which the Board has instituted or in which it has a right to be heard,ewith a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise of his professional duties by a solicitor, an actuary, an accountant or an insolvency practitioner,fwith a view to the institution of, or otherwise for the purpose of, any disciplinary proceedings relating to the exercise by a public servant of his functions, orgin pursuance of a Community obligation (within the meaning of Schedule 1 to the European Communities Act 1972 (c. 68)).3In paragraph (2)(f), “public servant” means an officer or servant of the Crown or of any prescribed authority.4Article 179 does not preclude the disclosure by the Board of restricted information to—athe Director of Public Prosecutions for Northern Ireland,bthe Director of Public Prosecutions,cthe Lord Advocate,da procurator fiscal, orea constable.5Article 179 does not preclude the disclosure of restricted information in any case where the disclosure is required by or by virtue of a statutory provision.6Article 179 does not preclude the disclosure of restricted information in any case where the disclosure is to a Regulator-appointed trustee of an occupational pension scheme for the purpose of enabling or assisting him to exercise his functions in relation to the scheme.7In paragraph (6), “Regulator-appointed trustee” means a trustee appointed by the Regulator under Article 7 or 23(1) of the 1995 Order or any corresponding provision in force in Great Britain.8Article 179 does not preclude the disclosure by any person mentioned in paragraph (1) or (4) of restricted information obtained by the person by virtue of that paragraph, if the disclosure is made with the consent of the Board.9Article 179 does not preclude the disclosure by any person specified in the first column of Schedule 7 of restricted information obtained by the person by virtue of Article 182(1), if the disclosure is made—awith the consent of the Board, andbfor the purpose of enabling or assisting the person to exercise any functions specified in relation to him in the second column of the Schedule.10Before deciding whether to give its consent to such a disclosure as is mentioned in paragraph (8) or (9), the Board must take account of any representations made to it, by the person seeking to make the disclosure, as to the desirability of the disclosure or the necessity for it.11Section 18 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (restriction on disclosure of information for overseas purposes) has effect in relation to a disclosure authorised by paragraph (2) as it has effect in relation to a disclosure authorised by any of the provisions to which section 17 of that Act applies.1841This Article applies to information held by any person in the exercise of tax functions about any matter which is relevant, for the purposes of those functions, to tax or duty in the case of an identifiable person (in this Article referred to as “tax information”).2No obligation as to secrecy imposed by section 182 of the Finance Act 1989 (c. 26) or otherwise shall prevent the disclosure of tax information to the Board for the purpose of enabling or assisting the Board to discharge its functions.3Where tax information is disclosed to the Board by virtue of paragraph (2) or section 19 of the Anti-terrorism, Crime and Security Act 2001 (c. 24) (disclosure of information held by revenue departments), it must, subject to paragraph (4), be treated for the purposes of Article 179 as restricted information.4Articles 179(3), 180 to 183 and 185 and section 235 of the Pensions Act 2004 (c. 35) do not apply to tax information which is disclosed to the Board as mentioned in paragraph (3), and such information may not be disclosed by the Board or any person who receives the information directly or indirectly from the Board except—ato, or in accordance with authority given by, the Commissioners of Inland Revenue or the Commissioners of Customs and Excise, orbwith a view to the institution of, or otherwise for the purposes of, any criminal proceedings.5In this Article “tax functions” has the same meaning as in section 182 of the Finance Act 1989.1851Regulations may—arequire the Board to provide information of prescribed descriptions to such persons as may be prescribed at prescribed times, orbrequire trustees or managers of occupational pension schemes to provide such information—irelating to the exercise of the Board's functions in relation to any scheme of which they are trustees or managers,iirelating to any notice issued or application or determination made under Chapter 2, 3 or 4 which relates to any such scheme, oriiiotherwise relating to the Board's involvement with any such scheme,as may be prescribed to prescribed persons at prescribed times or in prescribed circumstances.2Article 179 does not preclude the disclosure of restricted information by the Board which relates to the entitlement of a particular individual to compensation under Chapter 3 if the disclosure is made to that individual or to a person authorised by him.3Article 179 does not preclude the disclosure of restricted information by the Board if—athe information relates to the exercise of the Board's functions in relation to an occupational pension scheme,bthe disclosure is made to—iall affected persons, oriiall affected persons of a particular description, andcthe Board is satisfied that, in all the circumstances, it is reasonable to make the disclosure.4In paragraph (3) “affected person”, in relation to an occupational pension scheme, means a person—awho is a member of the scheme, orbwho is for the time being nominated by a member of the scheme for the purposes of that paragraph.5A nomination by a member of the scheme under paragraph (4)(b)—amay be made by notice in writing given by the member,bbecomes effective when the notice is received by the Board, andcceases to be effective when the Board receives a further notice from the member withdrawing the nomination.6In the case of an occupational pension scheme, Article 179 does not preclude the disclosure of restricted information by the Board if—athe disclosure is made to any of the following in relation to the scheme—ia trustee or manager,iiany professional adviser,iiithe employer,ivthe insolvency practitioner in relation to the employer,bthe information is relevant to the exercise of that person's functions in relation to the scheme, andcthe Board considers that it is reasonable in all the circumstances to make the disclosure for the purpose of facilitating the exercise of those functions.1861This Article applies for the purposes of Articles 172 to 185.2“Document” includes information recorded in any form, and any reference to production of a document, in relation to information recorded otherwise than in a legible form, is to producing a copy of the information—ain a legible form, orbin a form from which it can readily be produced in a legible form.3Where the Board has assumed responsibility for a scheme—aany reference to the Board's functions in relation to the scheme includes a reference to the functions which it has by virtue of having assumed responsibility for the scheme, andbany reference to a trustee, manager, professional adviser or employer in relation to the scheme is to be read as a reference to a person who held that position in relation to the scheme before the Board assumed responsibility for it.1871The Board may, if it considers it appropriate to do so in any particular case, publish a report of the exercise of, or any matter arising out of or connected with the exercise of, any of its functions in that case.2The publication of a report under paragraph (1) may be in such form and manner as the Board considers appropriate.3For the purposes of the law of defamation, the publication of any matter by the Board is privileged unless the publication is shown to be made with malice.CHAPTER 61881For the purposes of this Chapter, “reviewable matter” means a matter mentioned in Schedule 8.2Regulations may provide, in relation to any reference in that Schedule to a failure by the Board to do any act or make any determination, that—athe reference is to be construed as a reference to a failure by the Board to do the act or make the determination within a prescribed period, andbthe reference is to be construed as not including a failure to do the act or make the determination which first occurs after a prescribed time.3Regulations may make provision suspending the effect of any determination, direction or other act of the Board, or any notice given or issued by it, which relates to a reviewable matter until—athe period within which the matter may be reviewed by virtue of this Chapter has expired, andbif the matter is so reviewed—ithe review and any reconsideration,iiany reference to the PPF Ombudsman in respect of the matter, andiiiany appeal against his determination or directions,has been finally disposed of.4Regulations may amend Schedule 8 by—aadding to it any other description of determination, act or failure of, or matter determined or for determination by, the Board, orbremoving from it any such determination, act, failure or matter for the time being mentioned in it.5Regulations under paragraph (4) may also modify any provision of this Part in consequence of provision made by virtue of sub-paragraph (a) or (b) of that paragraph.1891Regulations must—aprovide for the Board, on the written application of an interested person, to give a decision ( “a review decision”) on any reviewable matter, andbrequire a committee of the Board constituted for the purposes of this Article (the “Reconsideration Committee”), on the written application of an interested person following a review decision, to reconsider the reviewable matter and give a decision ( “a reconsideration decision”).2In paragraph (1) “interested person”, in relation to a reviewable matter, means a person of a description prescribed in relation to reviewable matters of that description.3Regulations under paragraph (1) may—apermit a review decision in respect of a reviewable matter of a prescribed description to be made otherwise than on an application, andbpermit a reconsideration decision in respect of such a matter to be made otherwise than on an application.4Regulations under paragraph (1) must provide for the Board's powers on making a review decision or reconsideration decision to include power—ato vary or revoke the determination, direction or other decision already made by the Board in respect of the reviewable matter,bto substitute a different determination, direction or decision,cto provide for such variations, revocations or substitutions, or any determinations, directions or other decisions made as a result of the review decision or reconsideration decision, to be treated as if they were made at such time (which may be a time prior to the making of the review decision or reconsideration decision) as the Board considers appropriate,dto provide for any notice varied, substituted, issued or given by the Board as a result of the review decision or reconsideration decision, to be treated as if it were issued or given at such time (which may be a time prior to the making of the review decision or reconsideration decision) as the Board considers appropriate,egenerally to deal with the matters arising on the review decision or reconsideration decision as if they had arisen on the original determination, direction or decision,fto pay such compensation as the Board considers appropriate to such persons as it may determine, andgto make savings and transitional provision.5Regulations under paragraph (1) must include provision—aabout applications under the regulations for a review decision or reconsideration decision in respect of a reviewable matter, including the times by which they are to be made,brequiring notice—iof such applications, oriiof a decision of the Board or the Reconsideration Committee by virtue of paragraph (3) to give a review decision or reconsider a reviewable matter otherwise than on such an application,to be given to interested persons in relation to the matter,cwith a view to securing that individuals concerned in giving a reconsideration decision were not concerned in the reviewable matter in respect of which the decision is to be made,das to the procedure for reaching and giving decisions under the regulations, including—irights of interested persons to make representations to the Reconsideration Committee on a reconsideration under regulations made under paragraph (1)(b), andiithe times by which decisions are to be given, anderequiring notice of the review decision or the reconsideration decision in respect of a reviewable matter to be given to interested persons in relation to the matter.6Provision required by paragraph (5)(c) may modify paragraphs 15 and 16 of Schedule 5 to the Pensions Act 2004 (c. 35) (membership and procedure of committees of the Board).1901Regulations must make provision for dealing with relevant complaints.2For the purposes of this Chapter, “relevant complaint” means a complaint—aby a person who is or might become entitled to compensation under the pension compensation provisions, orbby a person who has made or may make an application under Article 165 (fraud compensation),alleging that he has sustained injustice in consequence of maladministration in connection with any act or omission by the Board or any person exercising functions on its behalf.3Regulations under paragraph (1) must—aprovide for the Board to investigate and give decisions on matters complained of in relevant complaints, andbprovide for a committee of the Board, on applications following such decisions, to investigate matters complained of and give decisions on them.4Such regulations may, in particular, make provision—aabout the making of relevant complaints and applications under the regulations, including the times by which they are to be made,bwith a view to securing that individuals concerned in giving a decision were not concerned in the matter which is the subject of the relevant complaint in question,cas to the procedure for reaching and giving decisions under the regulations, including—irights of prescribed persons to make representations to the Board, on an investigation under regulations made under paragraph (3)(b), andiithe times by which decisions are to be given, anddrequiring notice—iof a relevant complaint under the regulations, oriiof a decision under the regulations in respect of the complaint,to be given to prescribed persons in relation to the matter.5Regulations under paragraph (1) may confer power on the Board to pay such compensation as it considers appropriate to such persons as it considers have sustained injustice in consequence of the matters complained of.6The power conferred by paragraph (4)(b) includes power to modify paragraphs 15 and 16 of Schedule 5 to the Pensions Act 2004 (c. 35) (membership and procedure of committees of the Board).1911The Department may by order make provision—aabout the reimbursement of the PPF Ombudsman in respect of any expenses incurred by him in the performance of his functions;babout the staff of the PPF Ombudsman and the provision of facilities (including additional staff) to him;cabout the delegation of the functions of the PPF Ombudsman to his staff or to any such additional staff;dconferring powers to enable the PPF Ombudsman to obtain such information and documents as he may require for the performance of his functions; andeabout restrictions on the disclosure of information held by him.2The Department must pay to the PPF Ombudsman such sums as may be required to be paid by the Department to or in respect of the PPF Ombudsman by virtue of an order under paragraph (1).3Regulations may provide for the imposition of a levy in respect of eligible schemes for the purpose of meeting expenditure of the Department under paragraph (2) or of the Secretary of State under section 209(6) of the Pensions Act 2004 (c. 35).4Where regulations make such provision, paragraphs (2), (3), (5), (6) and (7) of Article 103 (administration levy) apply in relation to the levy as they apply in relation to an administration levy (within the meaning of that Article), except that in paragraph (7) of that Article the reference to paragraph (1) of that Article is to be read as a reference to paragraph (3) of this Article.1921Regulations must make provision—afor a reviewable matter to be referred to the PPF Ombudsman following a reconsideration decision under regulations made under paragraph (1)(b) of, or by virtue of paragraph (3)(b) of, Article 189 in respect of the matter, andbfor the PPF Ombudsman—ito investigate and determine what (if any) is the appropriate action for the Board to take in relation to the matter, andiito remit the matter to the Board with directions for the purpose of giving effect to his determination.2Regulations under paragraph (1) must make provision about the making of references to the PPF Ombudsman, including provision—aabout the descriptions of persons who may make them,babout the manner of making such references, including the times by which they are to be made, andcfor prescribed persons to be notified of—ireferences made under the regulations, andiideterminations and directions given under the regulations.3Regulations under paragraph (1) must—arequire the PPF Ombudsman to conduct an oral hearing in relation to any reviewable matter referred to him under the regulations or to dispose of the matter on the basis of written representations,benable the PPF Ombudsman to consider evidence relating to the matter which was not available to the Board or the Reconsideration Committee, andcmake other provision about the procedure for conducting investigations, and reaching and giving determinations, under the regulations, including the times by which determinations are to be given.4The provision that may be made by virtue of paragraph (3)(c) includes provision—aconferring rights on prescribed persons—ito make representations to the PPF Ombudsman in relation to a reviewable matter referred to him by virtue of this Article,iito be heard or represented at any oral hearing by the PPF Ombudsman in relation to such a matter,babout the consideration of evidence by the PPF Ombudsman, including—iproduction of documents,iioral hearings,iiiexpert evidence,ivattendance of witnesses,cconferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,das to the costs or expenses of prescribed persons,econferring rights on prescribed persons to apply for a stay in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying the proceedings if it is satisfied of prescribed matters, andffor securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.5Regulations under paragraph (1) may include provision—aconferring power on the PPF Ombudsman to direct the Board to pay such compensation as he considers appropriate to such persons as he may direct,bconferring power on the Board to make such payments,cconferring power on the PPF Ombudsman to direct that—iany determinations, directions or other decisions which are made by the Board in accordance with any determination or direction given by him, oriiany variations, revocations or substitutions of its determinations, directions or other decisions which are made by the Board in accordance with any determination or direction given by him,are to be treated as if they were made at such time (which may be a time prior to his determination or direction) as he considers appropriate,dconferring power on the PPF Ombudsman to direct that any notice varied, substituted, issued or given by the Board in accordance with any determination or direction given by him is to be treated—ias if it were issued or given at such time (which may be a time prior to his determination or direction) as he considers appropriate;iias if it became binding for the purposes of this Part at the time at which he gives his determination or direction or at such later time as he considers appropriate,eprescribing the circumstances in which any determination or other act of the Board in accordance with any determination or direction given by the PPF Ombudsman, is not to be treated as being a reviewable matter for the purposes of this Chapter, andfconferring such other powers on the Board as may be required when a matter is remitted to it (including such powers as the Board may have on making a review decision or reconsideration decision under regulations made under Article 189(1)).1931Regulations must provide for the investigation and determination by the PPF Ombudsman of such matters as may be prescribed following decisions on relevant complaints given by the Board or the committee of the Board referred to in Article 190(3)(b) under regulations made under that Article.2Regulations under this Article must make provision—aprescribing the descriptions of person who may refer matters to the PPF Ombudsman under the regulations,babout the manner in which such references may be made, including the times by which they are to be made,cabout the procedure for conducting investigations, and reaching and giving determinations, on such references, including the times by which the determinations are to be given,dabout the powers of the PPF Ombudsman on making such determinations, including—ithe power to direct the Board to pay such compensation as he considers appropriate to such persons as he considers have sustained injustice in consequence of the matters complained of, andiithe power to direct the Board to take or refrain from taking such other steps as he may specify,econferring such powers on the Board as are necessary to comply with such requirements,ffor prescribed persons to be notified of—ireferences to the PPF Ombudsman under the regulations, andiideterminations and directions by the PPF Ombudsman under the regulations,gconferring rights on prescribed persons—ito make representations to the PPF Ombudsman in relation to a matter referred to him by virtue of this Article,iito be heard or represented at any oral hearing by the PPF Ombudsman in relation to such a matter,habout the consideration of evidence by the PPF Ombudsman, including—iproduction of documents,iioral hearings,iiiexpert evidence,ivattendance of witnesses,iconferring rights on prescribed persons to continue a reference made by a person who has died or is otherwise unable to act for himself,jas to the costs or expenses of prescribed persons,kconferring rights on prescribed persons to apply for a stay in relation to prescribed legal proceedings which begin after the reference is made and conferring power on the relevant court to make an order staying the proceedings if it is satisfied of prescribed matters, andlfor securing that any determination or direction of the PPF Ombudsman under the regulations is binding on prescribed persons.194The PPF Ombudsman may refer any question of law arising for determination in connection with—aa reviewable matter referred to him by virtue of regulations under Article 192, orba matter referred to him by virtue of regulations under Article 193,to the High Court.1951If the PPF Ombudsman considers it appropriate to do so in any particular case, he may publish in such form and manner as he considers appropriate a report of any investigation carried out by virtue of regulations under Article 192 or 193 and of the result of that investigation.2For the purposes of the law of defamation, the publication of any matter by the PPF Ombudsman under or by virtue of any provision of this Chapter shall be absolutely privileged.1961A person bound by a determination or direction by the PPF Ombudsman by virtue of regulations made under Article 192 or 193 may appeal on a point of law arising from the determination or direction to the High Court.2Any determination or direction of the PPF Ombudsman is enforceable in a county court as if it were a judgment or order of that court.1971This Article applies if any person—awithout lawful excuse obstructs the PPF Ombudsman in the performance of his functions, orbis guilty of any act or omission in relation to an investigation by the PPF Ombudsman under regulations made under Article 192 or 193, which, if that investigation were a proceeding in the court, would constitute contempt of court.2The PPF Ombudsman may certify the offence to the court.3Where an offence is certified under paragraph (2), the court may—ainquire into the matter,bhear any witnesses who may be produced against or on behalf of the person charged with the offence and any statement that may be offered in defence, andcdeal with him in any manner in which the court could deal with him if he had committed the like offence in relation to the court.4In this Article “the court” means a county court.CHAPTER 71981Paragraph (3) applies where—aa qualifying insolvency event occurs in relation to the employer in relation to an eligible scheme, andbthe winding up of the scheme begins at or after the time of that event but not later than the first of the following events in relation to the scheme—ia scheme failure notice or a withdrawal notice issued under Article 106(2) in relation to the scheme becoming binding,iia withdrawal notice issued under Article 132 in relation to the scheme becoming binding, oriiia notice issued under Article 106(4) becoming binding in a case where Article 132 does not apply.2Paragraph (3) also applies where—athe trustees or managers of an eligible scheme—imake an application to the Board under paragraph (1) of Article 113, oriireceive a notice from the Board under paragraph (5)(a) of that Article, andbthe winding up of the scheme begins—iat or after the time the application is made or notice is received, butiinot later than a scheme failure notice or a withdrawal notice issued under Article 114(2) or (3) in relation to the scheme becoming binding.3The winding up of the scheme is to be taken as beginning immediately before the event within paragraph (1)(a) or, as the case may be, (2)(a) if—athe winding up is in pursuance of an order of the Regulator under Article 11 of the 1995 Order directing the winding up of the scheme, orbin any other case, the trustees or managers of the scheme so determine.4In a case where paragraph (3) applies, the Regulator may by order direct any person specified in the order—ato take such steps as are so specified as it considers are necessary as a result of the winding up of the scheme beginning in accordance with that paragraph, andbto take those steps within a period specified in the order.5If the trustees or managers of a scheme fail to comply with a direction to them contained in an order under paragraph (4), Article 10 of the 1995 Order (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.6That Article also applies to any other person who, without reasonable excuse, fails to comply with a direction to him contained in an order under paragraph (4).7For the purposes of this Article “qualifying insolvency event” has the same meaning as in Article 111.8Paragraph (4) of Article 112 applies for the purposes of paragraph (2) of this Article as it applies for the purposes of paragraph (1) of that Article.9This Article is to be read subject to Article 119 (which restricts the winding up of an eligible scheme during an assessment period).1991Regulations may modify any of the provisions of this Part as it applies in relation to—acases where a person's shareable rights under an eligible scheme have (at any time) become subject to a pension debit;bcases where—ia pension sharing order or provision in respect of such rights is made before the time a transfer notice under Article 144 is received by the trustees or managers of the eligible scheme, andiithat order or provision takes effect on or after the receipt by them of the notice.2Regulations may also modify any of the provisions of Chapter 1 of Part V of the 1999 Order (pension sharing) as it applies in relation to—acases within paragraph (1)(a) where any liability of the trustees or managers of the eligible scheme in respect of a pension credit was not discharged before the time a transfer notice under Article 144 was received by the trustees or managers of the eligible scheme;bcases within paragraph (1)(b).3In this Article—a“pension debit” and “shareable rights” have the same meaning as in Chapter 1 of Part V of the 1999 Order (pension sharing), andb“pension sharing order or provision” means an order or provision falling within Article 25(1) of the 1999 Order (activation of pension sharing).Art. 101 partly in operation; art. 101 not in operation at date of making see art. 1(2); art. 101(2) in operation at 25.2.2005 and art. 101(3) in operation for certain purposes at 25.2.2005 by S.R. 2005/48, art. 2(1), Sch. Pt. 1; art. 101(3) in operation for certain purposes at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 101(3) in operation for certain purposes at 1.9.2005 by S.R. 2005/411, art. 2(4), Sch. Pt. 1; art. 101(1) in operation at 9.12.05 by S.R. 2005/543, art. 2(2), Sch. Pt. 2; art. 101(3) in operation for certain purposes at 6.4.2006 by S.R. 2006/95, art. 2(c), Sch. Pt. 3Art. 103 partly in operation; art. 103 not in operation at date of making see art. 1(2); Art. 103(4) in operation at 25.2.2005 by S.R. 2005/48, art. 2(1), Sch. Pt. 1; art. 103(1)(3)(7)(a) in operation for certain purposes at 25.2.2005 and wholly in operation at 1.4.2005 by S.R. 2005/48, art. 2(3), Sch. Pt. 3; art. 103(2)(a)(5)(6) in operation at 1.4.2005 by S.R. 2005/48, art. 2(6), Sch. Pt. 6; art. 103(7) in operation for certain purposes at 1.1.2007 and wholly in operation at 1.3.2007 in so far as not already in operation by S.R. 2006/352, art. 2(4)Art. 103A inserted (prosp.) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 104, 118(1), Sch. 9 para. 3mod. by SR 2005/91Art. 105(4)(d) substituted (9.1.2007) by Pension Protection Fund (Insolvent Partnerships) (Amendment of Insolvency Events) Order (Northern Ireland) 2006 (S.R. 2006/529), art. 2Art. 105(10): words in definition of "company" substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 252(7) (with art. 10)mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/91fully exercised (in relation to scheme only) by SR 2005/83mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91Art. 116 wholly in operation at 6.4.2007; art. 116 not in operation at date of making see art. 1(2); art. 116 (except (6)) in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 116 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/91Art. 118 wholly in operation at 21.7.2009; art. 118 not in operation at date of making see art. 1(2); art. 118(3) in so far as it relates to paragraph (iii) of the definition of "relevant person" in sub-paragraph (a) in operation for certain purposes at 25.2.2005 and for all other purposes at 6.4.2005 by S.R. 2005/48, art. 2(4), Sch. Pt. 4; art. 118 except paragraph 2(d) in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 118(2)(d) in operation for certain purposes at 23.6.2009 and for all other purposes at 21.7.2009 by S.R. 2009/242, art. 2mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/84mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/55mod. by SR 2005/171mod. by SR 2005/55mod. by SR 2005/171mod. by SR 2005/55mod. by SR 2005/171mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/55SR 2005/137mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/91Art. 135 partly in operation; art. 135 not in operation at date of making see art. 1(2); art. 135(4)(6)(9)(b) in operation for certain purposes at 25.2.2005 and wholly in operation at 6.4.2005 by S.R. 2005/48, art. 2(4), Sch. Pt. 4; art. 135(8) partly in operation at 25.2.2005 and 6.4.2005 by S.R. 2005/48, art. 2(4), Sch. Pt. 4; art. 135 partly in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 135(8) in operation at 1.4.2006 in so far as not already in operation by S.R. 2006/95, art. 2(b), Sch. Pt. 2mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/55Art. 137 wholly in operation at 6.4.2007; art. 137 not in operation at date of making see art. 1(2); Art. 137(4)(7) in operation for certain purposes at 1.11.2006 and wholly in operation at 6.4.2007 by S.R. 2006/352, art. 2(3), Sch. Pt. 1; art. 137 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/91mod. by SR 2005/55Art. 138 wholly in operation at 6.4.2007; art. 138 not in operation at date of making see art. 1(2); art. 138(1)(2)(a)(c)(6)-(15) in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 138 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/91mod. by SR 2005/55Art. 139 wholly in operation at 6.4.2007; art. 139 not in operation at date of making see art. 1(2); Art. 139(1)(4) in operation for certain purposes at 1.11.2006 and wholly in operation at 6.4.2007 by S.R. 2006/352, art. 2(3), Sch. Pt. 1; art. 139 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/91Art. 140 wholly in operation at 6.4.2007; art. 140 not in operation at date of making see art. 1(2); Art. 140(1)(2)(5)(6) in operation for certain purposes at 1.11.2006 and wholly in operation at 6.4.2007 by S.R. 2006/352, art. 2(3), Sch. Pt. 1; art. 140 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/55mod. by SR 2005/91Art. 141 wholly in operation at 6.4.2007; art. 141 not in operation at date of making see art. 1(2); Art. 141(1)(7)(9) in operation for certain purposes at 1.11.2006 and wholly in operation at 6.4.2007 by S.R. 2006/352, art. 2(3), Sch. Pt. 1; art. 141 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/55SR 2005/137mod. by SR 2005/55Art. 144 wholly in operation at 6.4.2007; art. 144 not in operation at date of making see art. 1(2); Art. 144 partly in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; Art. 144(7) in operation at 6.4.2006 in so far as not already in operation by S.R. 2006/95, art. 2(c), Sch. Pt. 3; Art. 144 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/171mod. by SR 2005/55mod. by SR 2005/55Art. 150 wholly in operation at 1.3.2009; art. 150 not in operation at date of making see art. 1(2); art. 150(1)-(5) and (8) in operation for certain purposes at 1.1.2006 and for all other purposes at 6.4.2006 by S.R. 2005/543, art. 2(5), Sch. Pt. 5; art. 150 in operation at 1.3.2009 in so far as it is not already in operation by S.R. 2009/62, art. 2mod. by SR 2005/55mod. by SR 2005/91mod. by SR 2005/171Art. 153 partly in operation; art. 153 not in operation at date of making see art. 1(2); art. 153(1)(2)(a)-(c) in operation at 6.4.2006 by S.R. 2006/95, art. 2(c), Sch. Pt. 3mod. by SR 2005/55mod. by SR 2005/55Art. 156 wholly in operation at 6.4.2007; art. 156 not in operation at date of making see art. 1(2); art. 156(1) in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 156(2)-(6) (except (5)(d)) in operation at 1.9.2005 by S.R. 2005/321, art. 2(16), Sch. Pt. 3; art. 156 in operation at 6.4.2007 in so far as it is not already in operation by S.R. 2006/352, art. 2(5), Sch. Pt. 2mod. by SR 2005/55Art. 158 modified (30.3.2006) by Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006 (S.R. 2006/84), reg. 3(2)(a)Art. 158 modified (30.3.2006) by Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006 (S.R. 2006/84), reg. 4(2)Art. 158 modified (30.3.2006) by Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006 (S.R. 2006/84), reg. 5(2)Art. 158(1) modified (30.3.2006) by Occupational Pension Schemes (Pension Protection Levies) (Transitional Period and Modification for Multi-employer Schemes) Regulations (Northern Ireland) 2006 (S.R. 2006/84), reg. 3(2)(b)mod. by SR 2005/91Art. 158(2)(a)(i) applied (with modifications) by S.R. 2005/55, reg. 3(5) (as added (8.3.2010) by Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 (S.R. 2010/32), reg. 2(5))Art. 160 partly in operation; art. 160 not in operation at date of making see art. 1(2); art. 160(1)-(3)(8)(a) in operation at 9.12.2005 by S.R. 2005/543, art. 2(2), Sch. Pt. 2; art. 160(8) in operation at 1.4.2006 in so far as not already in operation by S.R. 2006/95, art. 2(b), Sch. Pt. 2; art. 160(4)(5)(7) in operation at 1.9.2006 by S.R. 2006/352, art. 2(1)Art. 160(2) modified (20.11.2006) by Pension Protection Fund (Levy Ceiling) Regulations (Northern Ireland) 2006 (S.R. 2006/409), reg. 2mod. by SR 2005/91Art. 164A inserted (26.2.2010) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 104, 118(1), Sch. 9 para. 4; S.R. 2010/50, art. 2(1)Art. 152A and preceding cross heading inserted (16.3.2011 for certain purposes, otherwise 6.4.2011) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 99, 118(1); S.R. 2011/108, art. 2(1)(b)(2), Sch.mod. by SR 2005/381mod. by SR 2005/381mod. by SR 2005/381mod. by SR 2005/381mod. by SR 2005/381Art. 170 wholly in operation at 6.4.2010; art. 170 not in operation at date of making see art. 1(2); art. 170 in operation for certain purposes at 15.3.2010 by S.R. 2010/100, art. 2(1)(a); art. 170 in operation for all other purposes at 6.4.2010 by S.R. 2010/100, art. 2(1)(b)Art. 171A inserted (prosp.) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 104, 118(1), Sch. 9 para. 5Art. 186 wholly in operation at 6.4.2006; art. 186 not in operation at date of making see art. 1(2); art. 186(1)(2) in operation at 6.4.2005 by S.R. 2005/48, art. 2(7), Sch. Pt. 7; art. 186 in operation at 6.4.2006 in so far as not already in operation by S.R. 2006/95, art. 2(c), Sch. Pt. 3Pt. III (arts. 101-199) applied by S.R. 2005/55, reg. 2A (as inserted (8.3.2010) by Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 (S.R. 2010/32), reg. 2(4))Art. 154(3) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 6(a)Words in art. 154(4) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 6(b)Word in art. 144(7) substituted (7.6.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 17(2)(a); S.R. 2012/233, art. 2(2)(k)(ii)Words in art. 144(7) omitted (7.6.2012) by virtue of Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 17(2)(b); S.R. 2012/233, art. 2(2)(k)(ii)Art. 156(1) omitted (7.6.2012) by virtue of Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 17(3); S.R. 2012/233, art. 2(2)(k)(ii)Pt. III amendment to earlier affecting provision S.R. 2005/91 (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2012 (S.R. 2012/270), regs. 1, 2Art. 127(2)(2A) substituted for art. 127(2) (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(2); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(3) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(3); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(4) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(4); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(5B) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(5); S.R. 2012/265, art. 2(3)(a)(ii)Art. 127(5C) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(6); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(6) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(7)(a); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(6) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(7)(b); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(9) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(8)(a); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(9) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(8)(b); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(10) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(9); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 127(11)(b)(ii) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 5(10); S.R. 2012/265, art. 2(3)(a)(ii)Art. 127A inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 6; S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 135(2)(b) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 9(2); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 135(3)(b) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 9(2); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 135(6)(a)(ii) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 9(3); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 135(6)(b)(ii) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 9(3); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 135(10) substituted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 9(4); S.R. 2012/265, art. 2(3)(a)(ii)Words in art. 135(4)(a) inserted (2.7.2012 for specified purposes, 23.7.2012 in so far as not already in operation) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 14; S.R. 2012/265, art. 2(3)(a)(iii)Words in art. 125(4) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 3(2); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 125(5)(a) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 3(3); S.R. 2012/265, art. 2(4)(a)(ii)Word in art. 126 substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 4; S.R. 2012/265, art. 2(4)(a)(ii)Word in art. 128(1) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 7(2); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 128(2) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 7(3); S.R. 2012/265, art. 2(4)(a)(ii)Word in art. 129(1) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 8; S.R. 2012/265, art. 2(4)(a)(ii)Art. 136(1A) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(2); S.R. 2012/265, art. 2(4)(a)(iii)Art. 136(2A)(2B) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(3); S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 136(3) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(4)(a); S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 136(3) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(4)(b); S.R. 2012/265, art. 2(4)(a)(iii)Art. 136(4) omitted (23.7.2012) by virtue of Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(5); S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 136(5) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(6)(a); S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 136(5) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(6)(b); S.R. 2012/265, art. 2(4)(a)(iii)Art. 136(8) omitted (23.7.2012) by virtue of Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(7); S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 136(10) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(8); S.R. 2012/265, art. 2(4)(a)(iii)Art. 136(10A)-(10D) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 15(9); S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 138(2)(c) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 16; S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 138(5)(b) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 10; S.R. 2012/265, art. 2(4)(a)(ii)Art. 142(3)(3A) substituted for art. 142(3) (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(2); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 142(4) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(3); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 142(5) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(4)(a); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 142(5) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(4)(b); S.R. 2012/265, art. 2(4)(a)(ii)Art. 142(5)(aa) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(4)(c); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 142(6) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(5)(a); S.R. 2012/265, art. 2(4)(a)(ii)Word in art. 142(6)(a) omitted (23.7.2012) by virtue of Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(5)(b); S.R. 2012/265, art. 2(4)(a)(ii)Art. 142(6)(aa) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 11(5)(c); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 144(3) substituted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 12(2); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 144(4) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 12(3); S.R. 2012/265, art. 2(4)(a)(ii)Words in art. 156(4) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 16; S.R. 2012/265, art. 2(4)(a)(iii)Words in art. 156(5)(c) inserted (23.7.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 16; S.R. 2012/265, art. 2(4)(a)(iii)Pt. III modified by S.R. 2005/55 (as amended) (30.4.2013) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013 (S.R. 2013/95), regs. 1(2), 3Art. 105(9)(b) in operation at 25.6.2014 by S.R. 2014/183, art. 2Art. 122(10)(a) in operation at 25.6.2014 by S.R. 2014/183, art. 2Art. 145(3)(b) in operation at 25.6.2014 by S.R. 2014/183, art. 2Words in art. 138(14) inserted (28.4.2014) by Public Service Pensions Act (Northern Ireland) 2014 (c. 2), s. 37(2), Sch. 4 para. 18; S.R. 2014/123, art. 4(e)Art. 122(9A)(9B) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in operation) by Pension Schemes Act 2015 (c. 8), ss. 65(10), 89(1)(b), (3)(b) (with s. 87)Art. 119(4)(za) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 64(3), 89(3)(b) (with s. 87)Words in art. 119(6)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 85 (with s. 87)Word in art. 122(1) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(2), 89(3)(b) (with s. 87)Art. 122(2A) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(3), 89(3)(b) (with s. 87)Word in art. 122(3) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), ss. 65(4), 89(3)(b) (with s. 87)Words in art. 122(5) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(5), 89(3)(b) (with s. 87)Words in art. 122(6) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(6), 89(3)(b) (with s. 87)Word in art. 122(7) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(7), 89(3)(b) (with s. 87)Word in art. 122(8) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(8), 89(3)(b) (with s. 87)Words in art. 122(9) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(9), 89(3)(b) (with s. 87)Words in art. 122(12) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(11), 89(3)(b) (with s. 87)Word in art. 122(13) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 65(12), 89(3)(b) (with s. 87)Words in art. 122(3)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 86 (with s. 87)