152 Duty to assume responsibility following reconsideration
Pensions Act 2004 (2004 c 35) | Legislation

152  Duty to assume responsibility following reconsideration

(1)     This section applies where an application is made in respect of a scheme in accordance with section 151.

[(1A)     Subsection (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—

(a)     the amount quoted in the protected benefits quotation accompanying the application,

(b)     the amount at that time of the liabilities of the scheme which are not liabilities to, or in respect of, members of the scheme, and

(c)     the estimated costs of winding up the scheme at that time.

[(2A)     Subsection (2B) applies where—

(a)     the 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, and

(b)     the Board is satisfied that that is the case.

(2B)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

Liquidated damages in construction contracts

Liquidated damages in construction contractsThis Practice Note explains what liquidated and ascertained damages (LADs/LDs) are and their purpose in a building contract. It considers the difference between liquidated damages and general (or unliquidated) damages and looks at the enforceability of

LEXISNEXIS

Possession with intent to supply

Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and