574. Board's duty where application or notification received.

The following provisions1 apply where the Board of the Pension Protection Fund2 receives an application3 for it to assume responsibility for an eligible scheme4, or is notified5 by the Pensions Regulator6. If the Board is able to confirm that a scheme rescue is not possible, it must as soon as reasonably practicable issue a notice to that effect (a 'scheme failure notice')7. If the Board is able to confirm that a scheme rescue has occurred, it must as soon as reasonably practicable issue a notice to that effect (a 'withdrawal notice')8.

The Board must, as soon as reasonably practicable, give

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