Section 129 — Pensions Act 2004: Applications and notifications for the purposes of section 128

Applications and notifications for the purposes of section 128 129 1 Where the trustees or managers of an eligible scheme become aware that—

a the employer in relation to the scheme is unlikely to continue as a going concern, and b the prescribed requirements are met in relation to the employer, they must make an application to the Board for it to assume responsibility for the scheme under section 128.

2 Where the Board receives an application under subsection (1), it must give a copy of the application to—

a the Regulator, and b the employer.

3 An application under subsection (1) must—

a be in the prescribed form and contain the prescribed information, and b be made within the prescribed period.

4 Where the Regulator becomes aware that—

a the employer in relation to an eligible scheme is unlikely to continue as a going concern, and b the requirements mentioned in subsection (1)(b) are met in relation to the employer, it must give the Board a notice to that effect.

5 Where the Board receives a notice under subsection (4), it must—

a give the trustees or managers of the scheme a notice to that effect, and b give the employer a copy of that notice.

6 The duty imposed by subsection (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that subsection by reason of a notice given to them under subsection (5).

7 The duty imposed by subsection (4) does not apply where the Regulator becomes aware as mentioned in that subsection by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under subsection (2).

8 Regulations may require notices under this section to be in the prescribed form and contain the prescribed information.