Amendments made: No. 460, in
clause 119, page 73, line 38, leave out subsections (1) to (5) and insert—
'(1) Where, in relation to an eligible scheme, an assessment period within section 104(2) or (4) comes to an end because the conditions in subsection (2) of this section are satisfied, the trustees or managers of the scheme must—
(a) wind up the scheme, or
(b) where the winding up of the scheme began before the assessment period (whether by virtue of section 177 or otherwise), continue the winding up of the scheme.
(2) The conditions are—
(a) that subsection (2) or (2A) of section 120 (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to the scheme,
(i) the trustees or managers did not make an application under that section or section [schemes required to wind up but unable to buy out liabilities](1) within the authorised period (within the meaning of section 120(4A)) (or any such application has been withdrawn), or
(ii) if such an application was made, it has been finally determined, and
(c) that, if an application was made under section 120, the Board is not required to assume responsibility for the scheme by virtue of section 121(2).
(3) For the purposes of subsection (2)(b)(ii) an application is not finally determined until—
(a) the Board has issued a determination notice in respect of the application under section 121 or, as the case may be, [schemes required to wind up but unable to buy out liabilities],
(b) the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and
(c) 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 determination, and
(iii) any appeal against his determination or directions,
has been finally disposed of.
(4) Where, in relation to an eligible scheme, an assessment period within section [closed schemes: further assessment periods](2) comes to an end because the conditions in subsection (5) of this section are satisfied, the trustees or managers of the scheme must continue the winding up of the scheme begun (whether in accordance with this section or otherwise) before that assessment period.
(5) The conditions are—
(a) that an application is made by, or notice is given to, the trustees or managers of the scheme under section [applications and notifications where schemes have insufficient assets],
(b) that the valuation obtained by the Board in respect of the scheme under section [duty to assume responsibility for closed schemes](3) has become binding, and
(c) that the Board is not required to assume responsibility for the scheme by virtue of section [duty to assume responsibility for closed schemes](1).'.
No. 461, in
clause 119, page 74, line 35 , leave out '(4)(a)' and insert '(1)(a)'.—[Malcolm Wicks.]
Clause 119, as amended, ordered to stand part of the Bill.
I did not realise that this was so interesting. That will mean that what is now clause 119 will stand part of the Bill after the current clause 121.
I am grateful that, as a courtesy, we were given advance warning of this motion, although for the life of me I still do not really understand why we are moving the hapless clause 119 within the batting order, but it obviously matters to somebody, so who am I to stand in their way?
Question put and agreed to.