03 August 2006
The Department for Work and Pensions has published a
consultation document seeking views on the proposed Pension
Protection Fund (Contributions Equivalent Premium) Regulations 2006
and Pension Protection Fund (Closed Schemes) Regulations 2007.
The first set of regulations within the consultation document,
the Pension Protection Fund (Contributions Equivalent Premium)
Regulations 2006, comprises detailed technical provisions relating
to when a Contributions Equivalent Premium is payable by the
trustees of a scheme and by the Board of the PPF. They make
specific provision to deal with where there is an assessment period
in relation to a scheme.
The second set of regulations, the Pension Protection Fund
(Closed Schemes) Regulations 2007, comprises detailed provisions
for schemes which are required to wind up following an assessment
period but where the trustees have been unable to obtain a full
buy-out quotation. Such schemes can apply to the PPF to run as a
PPF closed scheme and must then comply with specific
requirements.
The DWP is seeking views on whether or not the draft regulations
effectively implement the policy decisions which the Government has
taken.
The consultation period began on 2 August 2006. For the Pension
Protection Fund (Contributions Equivalent Premium) Regulations 2006
the consultation period will run until 26 September 2006. For the
Pension Protection Fund (Closed Schemes) Regulations 2007 the
consultation period will run until 24 October 2006.
