The following provisions1 apply where: (1) the Board of the Pension Protection Fund2 assumes responsibility for a scheme3; (2) the value of the assets of the scheme was reduced after the relevant date4 but before the transfer notice5 was received by the trustees or managers6 of the scheme and there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting an offence7; and (3) no application was made8 in respect of that reduction (or any such application was withdrawn before it was
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