161 Effect of Board assuming responsibility for a scheme
Pensions Act 2004 (2004 c 35) | Legislation

161  Effect of Board assuming responsibility for a scheme

(1)     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, and

(c)     from that time the Board is responsible for securing that compensation is (and has been) paid in

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