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 scheme failure notice11 in relation to the scheme and that notice becomes binding12