scheme rescue

scheme rescue
In the context of the Pension Protection Fund (PPF), a scheme rescue occurs if, on the insolvency of a company that sponsors an occupational pension scheme, financial support for the scheme continues. This will usually occur either because the company is rescued, or because another company in a larger group of companies is willing to take on its pensions liabilities. An insolvency practitioner appointed in relation to a company that sponsors an occupational scheme must notify the PPF whether a scheme rescue has occurred.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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