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The Pension Protection Fund (General and Miscellaneous Amendments) Regulations (Northern Ireland) 2006
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Board’s power to modify relevant contracts
2.—(1) Where Article 145(1) of the Order (effect of the Board assuming responsibility for a scheme) applies, and the Board considers that a contract relating to the property, rights or liabilities of the scheme contains terms or conditions that the Board considers to be onerous (whether triggered by the insolvency event in relation to the eligible scheme or otherwise) the Board may—
(a)disapply any such term or condition, or
(b)substitute for the term or condition, a term or condition that the Board considers to be reasonable.
(2) Where—
(a)any rights or liabilities under a relevant contract of insurance are transferred to the Board by virtue of Article 145(2)(a) of the Order, and
(b)as a result of that transfer, the Board is required, by reason of a term of that contract, to pay a specified amount, or specified amounts to a specified person who, immediately before the time mentioned in Article 145(2)(a) of the Order, was a member of the scheme or a person entitled to benefits in respect of such a member,
the Board may modify that term of that contract so that benefit under that contract shall be payable to the Board.
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