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The Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

Type Statutory-Instrument
Publication 2005-08-04
Last updated 2023-04-06
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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Reform history JSON API

[^f00011]: S.I. 2005/441 as amended by S.I. 2005/993 and S.I. 2005/2113.

[^f00012]: Section 612 will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 with effect from 6th April 2006.

[^f00013]: Section 611A was inserted by section 75 of, and paragraphs 15 and 18(1) of Schedule 6 to, the Finance Act 1989, and amended by section 52(1) of, and paragraph 5 of Schedule 5 to, the Finance Act 1999. Section 611A will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 with effect from 6th April 2006.

[^f00014]: S.I. 2005/600.

[^f00015]: S.I. 2005/669, as amended by S.I. 2005/993 and S.I. 2005/2113.

[^f00016]: Section 1 was amended by section 285(1) of the Pensions Act 2004.

[^f00017]: Section 75 was amended by section 271 of the Pensions Act 2004.

[^f00018]: 1972 c. 11.

[^f00019]: 1987 c. 45. Section 2 was amended by section 2(1) of the Ministerial and Other Pensions and Salaries Act 1991 (c. 5).

[^f00020]: Section 23 was substituted by section 36(3) of the Pensions Act 2004.

[^f00021]: Section 615(6) has effect in relation to trust based occupational pension schemes established in respect of persons wholly employed in a trade or undertaking outside of the United Kingdom. Section 615(6) was amended by paragraph 11 of Schedule 10 to the Finance Act 1999.

[^f00022]: 1963 c.xxxii.

[^f00023]: 1992 c. 52.

[^f00024]: Section 611(3) was amended by paragraph 9 of Schedule 10 to the Finance Act 1999 and Part 1 of Schedule 13 and Part II(4) of Schedule 40 to the Finance Act 2000 (c. 17). Section 611(3) will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 with effect from 6th April 2006.

[^f00025]: Section 83 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

[^f00026]: S.I. 1997/665.

[^f00027]: Section 78 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

[^f00028]: Section 81 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

[^f00029]: The Board (of the Pension Protection Fund) shall by virtue of article 4 of S.I. 2005/1720 (C.73) exercise certain functions of the Pensions Compensation Board which fall to be exercised on or after 1st September 2005 and sections 78(4) to 84 of the Pensions Act 1995 (which were repealed by Schedule 13 to the Pensions Act 2004) are saved for that purpose.

[^f00030]: Paragraph 31 was inserted, for the purpose of transitional arrangements, by article 4 of S.I. 2005/1720 (C.73).

Column 1 Column 2
Paragraph of Schedule 9 to the Act which specifies the failure Prescribed period
17Paragraph 20 17The period beginning with the 22nd day after the settlement date as determined by the Board under section 184(2) until the Board makes fraud compensation payments under section 182(1).
18Paragraph 21 18In respect of a notice under—asection 183(2)(a) (scheme rescue is not possible) the period beginning with the 15th day after the Board is able to confirm, in accordance with section 183(2)(a), that a scheme rescue is not possible until the Board issues a notice under section 183(2);bsection 183(2)(b) (scheme rescue has occurred) the period beginning with the 15th day after the Board is able to confirm, in accordance with section 183(2)(a), that a scheme rescue has occurred until the Board issues a notice under section 183(2).
19Paragraph 22 19The period beginning with the 15th day after the date when the conditions set out in section 182(1) have been satisfied and further recoveries of value, within the meaning of section 184(3), are unlikely, until the Board determines the settlement date under section 184(2).
20Paragraph 23 20The period beginning with the 22nd day after the trustees or managers of the scheme have notified the Board that a payment has been received until the Board reaches a determination under section 184(4) that the payment may be treated as a recovery of value.
21Paragraph 24 21The period beginning with the 15th day after the Board has sufficient information for it to be satisfied that the case is one to which section 186(1) applies, or may apply, and the trustees or managers of the scheme are not able to pay prescribed benefits under the scheme rules until the Board makes an interim payment under section 186(1) in respect of the application under section 182(1).
22Paragraph 31 22The period beginning with the 22nd day after the Board has sufficient information to make a determination of any question which was within the functions of the Pensions Compensation Board under sections 81 to 84 of the Pensions Act 1995 until the Board makes the determination.

.

Provision of Schedule 9 to the Act which specifies the reviewable matter Interested Person
20Paragraph 20 20 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
21Paragraph 21 21 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
22Paragraph 22 22 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
23Paragraph 23 23 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
24Paragraph 24 24 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
25Paragraph 25 25 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
26Paragraph 26 26 athe trustees or managers of the scheme in respect of which an application has been made under section 182(1)(d); orbany other person prescribed in regulations made under section 182(5)(a), if the application under section 182(1)(d) was made by that person.
27Paragraph 29 27Any of the persons specified in section 189(3) or by regulations made under that section.
28Paragraph 30 28Any of the persons specified in section 189(3) or by regulations made under that section.
29Paragraph 31 29Any of the persons specified in section 82(1) of the Pensions Act 1995.

.

After Schedule 1 to the Information Regulations insert as Schedule 1A the following—

SCHEDULE 1A

Description of persons to whom information is to be provided Description of information the Board must provide Period during which the Board must provide information
Trustees or Managers and applicant. Notification of the settlement date determined by the Board under section 184(2). The period of 14 days beginning on the day on which the Board determined the settlement date.
Trustees or Managers and applicant. Notification of the Board's determination that a payment received is to be treated as a payment in respect of any act or omission constituting a prescribed offence under section 182(1). The period of 14 days beginning on the day on which the Board made that determination.
Trustees or Managers and applicant. Notification of the Board's determination of the terms and conditions on which an interim payment will be made under section 186. The period of 14 days beginning on the day on which the Board determined to make the payment.
Trustees or Managers and applicant. Notification of the Board's determination to recover so much of the interim payment as it considers appropriate. The period of 14 days beginning on the day on which the Board determined to seek the recovery.
Trustees or Managers and applicant. Notification of the Board's determination of the terms and conditions on which a fraud compensation payment will be made under section 182(1). The period of 14 days beginning on the day on which the Board determined to make the payment.
Trustees or Managers and applicant. Notification of the Board's determination under section 186(3) to recover any interim payments made and of the amount it considers appropriate to recover. The period of 14 days beginning with the day on which the Board made that determination.
Trustees or Managers and applicant. Notification of the settlement date under section 81(3)(d) of the 1995 Act determined by the Board. The period of 14 days beginning on the day on which the Board determined the settlement date.
Trustees or Managers and applicant. Notification by the Board that a payment received is to be treated as a payment in respect of any act or omission constituting a prescribed offence under section 81(1)(c) of the 1995 Act. The period of 14 days beginning on the day on which the Board made that determination.
Trustees or Managers and applicant. Notification of the Board's determination of the terms and conditions on which a payment in anticipation will be made under section 84 of the 1995 Act. The period of 14 days beginning on the day on which the Board determined to make the payment.
Trustees or Managers and applicant. Notification of the Board's determination to recover so much of the payment in anticipation made under section 84 of the 1995 Act as it thinks appropriate. The period of 14 days beginning on the day on which the Board determined to seek the recovery.
Trustees or Managers and applicant. Notification of the Board's determination of the terms and conditions on which a compensation payment will be made under section 83 of the 1995 Act. The period of 14 days beginning on the day on which the Board determined to make the payment.

Editorial notes

[^c1423009]: 2004 c. 35. Section 318(1) is cited because of the meaning there given to “prescribed” and “regulations”.

[^c1423010]: 1999 c. 30. Paragraph 1(6) of Schedule 1 was inserted by paragraph 76(5) of Schedule 12 to the Pensions Act 2004.

[^c1423011]: See section 317(2)(c) of the Pensions Act 2004 which provides that the obligation under section 317(1) of that Act (which requires the Secretary of State to consult such persons as he considers appropriate before making regulations by virtue of the provisions of that Act (other than Part 8)) does not apply where regulations are made before the end of the period of six months beginning with the coming into force of the provisions of that Act by virtue of which they are made.

[^c1423012]: 1988 c. 1.

[^c1423013]: 1993 c. 48.

[^c1423014]: 1995 c. 26.

[^c1423015]: 2004 c. 12.

[^c1423016]: Section 590 was amended by section 35 of, and paragraph 18 of Part 1 of Schedule 3 to, the Finance Act 1988 (c. 39); sections 75 and 187 of, and paragraphs 3 and 18(2) and (3) of Schedule 6, and Part 4 of Schedule 17 to, the Finance Act 1989 (c. 26); sections 34(2) to (4), 36(2) and (3) and 123 of, and Part 5 of Schedule 19 to, the Finance Act 1991 (c. 31); and section 79 of, and paragraphs 2(1) to (4) and (7) and (8) and 18(1) and (3) of Schedule 10 to, the Finance Act 1999 (c 16). Section 591 was amended by section 146 of, and paragraph 6 of Part 1 of Schedule 13 to, the Finance Act 1988; sections 107(2) to (4) and 258 of, and Part 5 of Schedule 26 to, the Finance Act 1994 (c. 9); sections 59(2) and 60(1) of the Finance Act 1995 (c. 4); and section 79 of, and paragraphs (3)(a) and (b) and 18(1) and (3) of Schedule 10 to, the Finance Act 1999. Sections 590 and 591 will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 (c. 12) with effect from 6th April 2006.

[^c1423017]: S.I. 2005/590 as amended by S.I. 2005/993, S.I. 2005/2113 and S.I. 2005/2153.

[^c1423018]: S.I. 2005/674 as amended by S.I. 2005/2113.

[^c1423019]: S.I. 2005/441 as amended by S.I. 2005/993 and S.I. 2005/2113.

[^c1423020]: Section 612 will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 with effect from 6th April 2006.

[^c1423021]: Section 611A was inserted by section 75 of, and paragraphs 15 and 18(1) of Schedule 6 to, the Finance Act 1989, and amended by section 52(1) of, and paragraph 5 of Schedule 5 to, the Finance Act 1999. Section 611A will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 with effect from 6th April 2006.

[^c1423022]: S.I. 2005/600.

[^c1423023]: S.I. 2005/669, as amended by S.I. 2005/993 and S.I. 2005/2113.

[^c1423024]: Section 1 was amended by section 285(1) of the Pensions Act 2004.

[^c1423025]: Section 75 was amended by section 271 of the Pensions Act 2004.

[^c1423026]: 1972 c. 11.

[^c1423027]: 1987 c. 45. Section 2 was amended by section 2(1) of the Ministerial and Other Pensions and Salaries Act 1991 (c. 5).

[^c1423028]: Section 23 was substituted by section 36(3) of the Pensions Act 2004.

[^c1423029]: Section 615(6) has effect in relation to trust based occupational pension schemes established in respect of persons wholly employed in a trade or undertaking outside of the United Kingdom. Section 615(6) was amended by paragraph 11 of Schedule 10 to the Finance Act 1999.

[^c1423031]: 1992 c. 52.

[^c1423032]: Section 611(3) was amended by paragraph 9 of Schedule 10 to the Finance Act 1999 and Part 1 of Schedule 13 and Part II(4) of Schedule 40 to the Finance Act 2000 (c. 17). Section 611(3) will be repealed by Part 3 of Schedule 42 to the Finance Act 2004 with effect from 6th April 2006.

[^c1423033]: Section 83 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

[^c1423034]: S.I. 1997/665.

[^c1423035]: Section 78 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

[^c1423036]: Section 81 was repealed by Schedule 13 to the Pensions Act 2004 and saved for transitional purposes by S.I. 2005/1720 (C.73).

[^c1423037]: The Board (of the Pension Protection Fund) shall by virtue of article 4 of S.I. 2005/1720 (C.73) exercise certain functions of the Pensions Compensation Board which fall to be exercised on or after 1st September 2005 and sections 78(4) to 84 of the Pensions Act 1995 (which were repealed by Schedule 13 to the Pensions Act 2004) are saved for that purpose.

[^c1423038]: Paragraph 31 was inserted, for the purpose of transitional arrangements, by article 4 of S.I. 2005/1720 (C.73).

[^key-fb11d5bead1eb3bd78a1fea7b932efb0]: Words in reg. 2(1)(f)(i) substituted (6.4.2007) by Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(a)(i)

[^key-8e4c21f4b251bd950aa7dcd60b6012c6]: Words in reg. 2(1)(g) substituted (6.4.2007) by Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(a)(ii), 13(2)(aa)

[^key-4cecf1b4eb0d6377f161c26f2a9b4c6d]: Words in reg. 2(1)(g)(i) substituted (6.4.2007) by Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(a)(ii), 13(2)(bb)

[^key-acffa25ea59dd12bd933d48f6b63996d]: Words in reg. 2(1)(g)(ii) substituted (6.4.2007) by Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(a)(ii), 13(2)(cc)

[^key-dac2363e4d65f995527d059850fb1cfc]: Word in reg. 2(1)(k) omitted (6.4.2007) by virtue of Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(a)(iv)

[^key-b0f341480272837dc40526875375d8f4]: Reg. 2(1)(l) omitted (6.4.2007) by virtue of Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(a)(v)

[^key-2f929a44fd9ddbdd785ba520c3c20a0b]: Words in reg. 2(2) substituted (6.4.2007) by Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/814), regs. 1, 13(2)(b)

[^key-b3174cae081d7b12b352049a32ad1814]: Reg. 2(1)(ca) inserted (1.9.2009) by Occupational Pension Schemes (Scottish Parliamentary Pensions Act 2009) Regulations 2009 (S.I. 2009/1906), reg. 1, Sch. para. 6

[^key-2176039ad749189b316942b4a090485b]: Words in reg. 5(5)(b) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 6(2)(a)

[^key-28fca370bca50d54691ea8e5abd68f05]: Reg. 5(6) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 6(2)(b)

[^key-f18cb594c2ac2b33020194b697cda12d]: Words in reg. 7(5)(b) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 6(3)(a)

[^key-4170fb7d2afeef3fdbd3f47adf11628f]: Reg. 7(6) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 6(3)(b)

[^key-2685610f3700152220f14a9862a85cad]: Words in reg. 11(1) inserted (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 6(4)

[^key-81904f70def0176d7290043d8ebd255d]: Reg. 8A inserted (6.4.2010) by Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) (Amendment) Regulations 2010 (S.I. 2010/483), regs. 1(1), 3

[^key-89404dac3adbb070c42b672e6b69d5fd]: Words in reg. 1(3) inserted (6.4.2010) by Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) (Amendment) Regulations 2010 (S.I. 2010/483), regs. 1(1), 2

[^key-0b8238f5bc12bc0430eeac2ea4a43ba0]: Word in reg. 2(1)(j) omitted (5.7.2010) by virtue of National Employment Savings Trust (Consequential Provisions) Order 2010 (S.I. 2010/9), art. 1, 2(1)(a)

[^key-b3da4a15012438d1c2ceff394a5a2aad]: Reg. 2(1)(ka) added (5.7.2010) by National Employment Savings Trust (Consequential Provisions) Order 2010 (S.I. 2010/9), art. 1, 2(1)(b)

[^key-6d09eaa394b885c7849504d32dba9151]: Word in reg. 2(2) substituted (5.7.2010) by National Employment Savings Trust (Consequential Provisions) Order 2010 (S.I. 2010/9), art. 1, 2(2)

[^key-eee0012da3c738d9fc41bb6342a94647]: Words in reg. 1(3) substituted (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 7, 9(1)(g)(2) (with reg. 10)

[^key-58bbad34f3f18ae016d2dc07e6b99bd9]: Reg. 5 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 23(1)(2)(b)(iii)

[^key-015a2ddcfb04637d9e6d103161362ef2]: Reg. 2 modified (1.4.2019) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(3), 23(1)(2)(b)(i)(ii)

[^key-762d2dd1b8ee6941f861a959002fb05c]: Reg. 8(1)(b)(v) inserted (6.4.2023) by The Occupational Pension Schemes (Pension Protection Fund (Compensation) and Fraud Compensation Payments) (Amendment) Regulations 2023 (S.I. 2023/265), regs. 1, 4

Amount of fraud compensation transfer payment

8A

  • (1) For the purpose of section 187(8) (determination of amount of fraud compensation transfer payment) and subject to section 187(7) (maximum payments) the amount of any transfer payment shall be calculated in accordance with this regulation.
  • (2) Subject to paragraph (4), the amount of the transfer payment shall be calculated in accordance with the formula P – Q where—
  • (a) P is—
  • (i) the value of the assets of the scheme—
  • (aa) as stated in the PPF valuation which immediately precedes the loss; and
  • (bb) adjusted by the relevant person to take account of any alterations in their value between the date which immediately precedes the loss and the date of the transfer notice;
  • (ii) if there is no such PPF valuation, the value of the assets of the scheme—
  • (aa) on such date as immediately precedes the loss;
  • (bb) as reported by an accountant; and
  • (cc) adjusted by an accountant so as to take account of any alterations in their value between the date which immediately precedes the loss and the date of the transfer notice; and
  • (b) Q is the value of the assets of the scheme immediately before the date of the transfer notice, as reported by an accountant.
  • (3) For the purposes of paragraph (2)—
  • (a) any adjustments made to take account of alterations in the value of the assets of the scheme shall—
  • (i) include alterations resulting from—
  • (aa) investment gains and losses;
  • (bb) payments made and received by the scheme, in accordance with the rules of the scheme; and
  • (ii) not include alterations resulting from the loss;
  • (b) a relevant person is a person with the qualifications or experience prescribed by regulations made under, or a person approved by the Secretary of State under, section 143(11)(a)(ii) (valuation of assets and protected liabilities).
  • (4) In the case of—
  • (a) a section of a segregated scheme or a segregated part, paragraph (2) shall apply to the assets of the section or part to which the transfer notice related;
  • (b) except where paragraph (5) applies, an unsecured part of a partially guaranteed scheme, paragraph (2) shall apply to the assets of the unsecured part to which the transfer notice related.
  • (5) This paragraph applies to a scheme to which regulation 2A of the Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (schemes to which paragraph (1) of regulation 2 does not apply) applies.

Effect of determinations under section 184

Hybrid schemes

Partially guaranteed schemes

Partially approved schemes

Stakeholder pension schemes

Segregated schemes: single employer sections

Segregated schemes: multi-employer sections without requirement for partial wind up on withdrawal of participating employer

Segregated schemes: non-segregated multi-employer sections of segregated schemes with requirement for partial wind up on withdrawal of participating employer

Non-segregated schemes: schemes with requirement for partial wind up on withdrawal of participating employer

Non-segregated schemes: schemes without provision for partial wind up on withdrawal of participating employer

Non-segregated schemes with an option to segregate on withdrawal of participating employer

Segregated schemes: multi-employer sections of segregated schemes with an option to segregate on withdrawal of participating employer

Amendment of the Reviewable Matters Regulations

Amendment of the Review and Reconsideration Regulations

Amendment of the Information Regulations

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