572. Duty to assume responsibility for schemes following application or notification.

572.     Duty to assume responsibility for schemes following application or notification.

The following provisions1 apply where, in relation to an eligible scheme2, the trustees or managers3 of the scheme: (1) make an application4 (a 'section 129 application'); or (2) receive a notice from the Board of the Pension Protection Fund5 (a 'section 129 notification')6. The Board must assume responsibility for the scheme7 if: (a) the value of the assets of the scheme8 at the relevant time9 was less than the amount of the protected liabilities at that time10; (b) after the relevant time the Board issues a