588. New schemes created to replace existing schemes.

The Board of the Pension Protection Fund1 must refuse to assume responsibility for a scheme ('the new scheme')2 where it is satisfied that: (1) the new scheme was established during such period as may be prescribed3; (2) the employer4 in relation to the new scheme was, at the date of establishment of that scheme, also the employer in relation to a scheme established before the new scheme (the 'old scheme'); (3) a transfer or transfers of, or a transfer payment or transfer payments in respect of, any rights of members5 under the old scheme has or have been made