595. Duty to assume responsibility for closed schemes.

Where the trustees or managers1 of a closed scheme2: (1) make an application to the Board of the Pension Protection Fund3 for it to assume responsibility for the scheme4; or (2) receive a notice from the Board to the effect that it has received a notice from the Pensions Regulator5 that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme6, the Board must assume responsibility for the scheme7 if the value of the assets8 of the scheme at the relevant time