571. Duty to assume responsibility for schemes following insolvency event.

The following provisions1 apply where a qualifying insolvency event2 has occurred in relation to the employer3 in relation to an eligible scheme4. The Board of the Pension Protection Fund5 must assume responsibility for the scheme6 if: (1) the value of the assets of the scheme7 at the relevant time8 was less than the amount of the protected liabilities at that time9; (2) after the relevant time a scheme failure notice is issued10 in relation to the scheme and that notice becomes binding11; and (3) a withdrawal event has not occurred in relation to the scheme in respect of a