599. Effect of Board assuming responsibility for a scheme.

Where a transfer notice1 is given to the trustees or managers2 of an eligible scheme3, the Board of the Pension Protection Fund4 assumes responsibility5 for the scheme6. The effect of the Board assuming responsibility for a scheme is that: (1) the property, rights and liabilities of the scheme7 are transferred to the Board, without further assurance, with effect from the time the trustees or managers receive the transfer notice; (2) the trustees or managers of the scheme are discharged from their pension obligations