Schedules

Schedule 10Independent System Operator and Planner: pensions

I12Participation in qualifying pension schemes and transfer of assets and rights

1

The Secretary of State may by regulations make such pensions provision as the Secretary of State considers appropriate—

a

in preparation for or in connection with the designation of a person under section 162(1), or

b

otherwise in connection with the making of a transfer scheme under paragraph 1 of Schedule 9.

2

“Pensions provision” means provision in connection with a qualifying pension scheme, including provision for—

a

enabling an entity to which sub-paragraph (3) applies to participate in the scheme;

b

the division of the scheme into different sections;

c

the participation in the different sections of different persons (including entities to which sub-paragraph (3) applies);

d

the allocation of assets, rights, liabilities or obligations between the different sections;

e

the transfer of assets and qualifying accrued rights from the scheme to another pension scheme (whether or not a qualifying pension scheme), without the need for any approval or consent to the transfer;

f

the valuation of assets and qualifying accrued rights in accordance with provision made by the regulations, for the purposes of their allocation to a particular section or for the purposes of their transfer as mentioned in paragraph (e);

g

the discharge of liabilities in respect of qualifying accrued rights that are transferred.

3

This sub-paragraph applies to the following entities—

a

the ISOP;

b

an associate of the ISOP;

c

any other entity which employs a person—

i

whose contract of employment is transferred by a transfer scheme under paragraph 1 of Schedule 9, and

ii

who is an active member of the qualifying pension scheme at the relevant time.

4

Regulations under sub-paragraph (1) may have retrospective effect.

5

Before making regulations under sub-paragraph (1), the Secretary of State must consult—

a

the trustee of the qualifying pension scheme or schemes in question, and

b

the person who is the principal employer in relation to that scheme or those schemes.