Section 146 — Pensions Act 2004: Schemes which become eligible schemes

Schemes which become eligible schemes 146 1 Regulations may provide that where the Board is satisfied that an eligible scheme was not such a scheme throughout such period as may be prescribed, the Board must refuse to assume responsibility for the scheme under this Chapter.

2 Where, by virtue of subsection (1), the Board is required to refuse to assume responsibility for a scheme, it—

a must issue a notice to that effect (a “withdrawal notice”),

and b give a copy of that notice to—

i the Regulator, ii the trustees or managers of the scheme, and iii any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

3 For the purposes of this Part a withdrawal notice issued by virtue of this section is not binding until—

a the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and b if the issue of the notice is so reviewed—

i the review and any reconsideration, ii any reference to the PPF Ombudsman in respect of the issue of the notice, and iii any appeal against his determination or directions, has been finally disposed of and the notice has not been revoked, varied or substituted.

4 Where a withdrawal notice issued by virtue of this section becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—

a the Regulator, b the trustees or managers of the scheme, and c any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

5 Notices under this section must be in the prescribed form and contain such information as may be prescribed.

6 A notice given under subsection (4) must state the time from which the Board ceases to be involved with the scheme (see section 149).