Financial assistance scheme

‘(1) Subsection (2) of section 286 of the Pensions Act 2004 (financial assistance scheme for members of certain pension schemes) is amended as follows.

(2) In the definition of “qualifying member”, for the words from “a person” to the end of paragraph (b) substitute “a person who, at such time as may be prescribed, is a member of the scheme or has ceased to be a member of the scheme,”.

(3) In the definition of “qualifying pension scheme” after paragraph (b) insert—

“(ba) the assets of which, at such time as may be prescribed, are insufficient to satisfy in full the  liabilities of the scheme calculated in the prescribed manner,”.

(4) Omit the definition of “scheme’s pension liabilities” and the words from “and a qualifying pension scheme” to the end.’.—[Mr. Mike O'Brien.]