The government has made new commencement regulations which bring into force section 134(2)(d) of the Pensions Act 2004. This section allows the government to prescribe further circumstances where the Pension Protection Fund (PPF) can direct how a relevant person (i.e. the trustees, employer or scheme administrator) can exercise their powers in regards to an eligible scheme that is in the PPF assessment period.
Currently the PPF can only direct a relevant person's power to make investments, incur expenditure and instigate or conduct legal proceedings. However, the government has made a second set of new regulations that will allow the PPF to give direction in respect of a relevant person’s power to amend the scheme rules.
This new PPF power comes into force on 21 July 2009.