Citation

1. This Order may be cited as the Pensions Act 2008 (Commencement No. 7 and Saving, Consequential and Incidental Provisions) Order 2010.

Commencement of provisions

2.Section 124(2) and (6) of the Pensions Act 2008 (financial assistance scheme), in so far as not already in force, comes into force on 31st March 2010.

Saving

3. —(1) This article applies for the purposes of any regulations made under section 286 of the Pensions Act 2004 (financial assistance scheme for members of certain pension schemes)( 2 ) prior to this Order being made.

(2) Where this article applies, section 286 shall continue to have effect as it was in force immediately before the making of this Order until such time as further regulations made under that section come into force.

Consequential and incidental provisions

4. —(1) In the Financial Assistance Scheme Regulations 2005( 3 )—

(a) in regulation 2(1) (interpretation) after the definition of “scheme manager” insert—

“ “scheme’s pension liabilities”, in respect of a member of a qualifying pension scheme, means the liabilities of the scheme to, or in respect of, the member in respect of pensions or other benefits (including increases in pensions); ” ;

(b) in regulation 15(5) (qualifying members)( 4 ) for sub-paragraph (c) substitute—

“ (c) the scheme’s pension liabilities in respect of that person have not been satisfied in full. ” .

(2) In regulation 2(1) of the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005( 5 ) (interpretation)—

(a) in the definition of “member” for paragraph (a)(ii) substitute—

“ (ii) the scheme’s pension liabilities in respect of that person have not been satisfied in full; ” ;

(b) after the definition of “scheme manager” insert—

“ “scheme’s pension liabilities”, in respect of a member of a qualifying pension scheme, means the liabilities of the scheme to, or in respect of, the member in respect of pensions or other benefits (including increases in pensions); ” .

(3) The amendments made by this article have effect from 1st April 2010.