This Statutory Instrument has been printed in consequence of a defect in S.I. 2020/783 and is being issued free of charge to all known recipients of that Statutory Instrument.
Statutory Instruments
2020 No. 990
Pensions
The Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) (Amendment and Revocation) Regulations 2020
Approved by both Houses of Parliament
Made
14th September 2020
Laid before Parliament
15th September 2020
Coming into force
16th September 2020
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections A51 and A55 of the Insolvency Act 1986( 1 ), sections 901I, 1291 and 1292 of the Companies Act 2006( 2 ) and section 43 of the Corporate Insolvency and Governance Act 2020.
In accordance with section 1291 of the Companies Act 2006, as modified by section 901I(8) of that Act, and section 43 of the Corporate Insolvency and Governance Act 2020, this instrument is made without a draft having been laid before, and approved by a resolution of, each House of Parliament.
Citation, commencement and extent
1. —(1) These Regulations may be cited as the Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) (Amendment and Revocation) Regulations 2020, and come into force on 16th September 2020.
(2) This regulation and regulations 2, 3, 5 and 6 extend to England and Wales, Scotland and Northern Ireland.
(3) Regulation 4 extends to England and Wales and Scotland.
Amendment of the Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) Regulations 2020
2.The Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) Regulations 2020( 3 ) are amended in accordance with regulations 3 to 5.
Amendment of regulation 1
3. In regulation 1(4), after the definition of “LLP” insert—
“ “relevant CCBS” has the meaning given in article 1(2) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 ( 4 ) ;
“relevant society” has the meaning given by the modification to section 901A(4) of the Companies Act 2006 in paragraph 3 of Schedule 2A to the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 ( 5 ) ; ” .
Amendment of regulation 2
4. In regulation 2, for “or CIO” in each place it occurs substitute “, CIO or relevant CCBS”.
Amendment of regulation 3
5. In regulation 3, for “or LLP” in each place it occurs substitute “, LLP or relevant society”.
Revocation
6.The Pension Protection Fund (Moratorium and Arrangements and Reconstructions for Companies in Financial Difficulty) (Amendment) Regulations 2020( 6 ) are revoked.
Guy Opperman
Parliamentary Under Secretary of State
Department for Work and Pensions
14th September 2020
1986 c. 45 . Sections A51 and A55 were inserted by section 1 of the Corporate Insolvency and Governance Act 2020 (c. 12) . Sections A51 and A55 were applied to relevant CCBS by article 2(A1) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 ( S.I. 2014/229 ) (“the 2014 Order”), inserted by article 7(b) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (“the 2020 Order”) ( S.I. 2020/744 ), with modifications set out in Part 1A of Schedule 1 to the 2014 Order, inserted by article 11 of the 2020 Order. The 2014 Order was amended by S.I. 2014/1815 . “Relevant CCBS” is defined in article 1(2) of the 2014 Order.
2006 c. 46 . Section 901I was inserted by section 7 of, and Schedule 9 to, the Corporate Insolvency and Governance Act 2020. Section 901I has been applied to relevant societies by article 2(4) of the 2014 Order, inserted by article 7(c) of the 2020 Order, with modifications set out in Part 2 of Schedule 2A to the 2014 Order, inserted by article 12 of the 2020 Order.
S.I. 2014/229 . The definition of “relevant CCBS” was inserted into the 2014 Order by article 6 of the 2020 Order.
The modification to section 901A(4) was inserted into the 2014 Order by article 12 of the 2020 Order.