158 Duty to assume responsibility for closed schemes
Pensions Act 2004 (2004 c 35) | Legislation

158  Duty to assume responsibility for closed schemes

(1)     Where the trustees or managers of a closed scheme—

(a)     make an application under subsection (1) of section 157, or

(b)     receive a notice from the Board under subsection (4) of that section,

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 subsection (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—

(a)     determine whether the condition in subsection

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