The Secretary of State may by regulations provide that, in a case where—
a moratorium—
is in force in relation to a company that is an employer in respect of an eligible scheme, or
is or has been in force in relation to a company that has been an employer in respect of an eligible scheme at any time during the moratorium, and
the trustees or managers of the scheme are a creditor of the company,
the Board of the Pension Protection Fund may exercise any of the following rights.
The rights are those which are exercisable by the trustees or managers as a creditor of the company under or by virtue of—
section A12, or
a court order under section A44(4)(c).
Regulations under subsection (1) may provide that the Board may exercise any such rights—
to the exclusion of the trustees or managers of the scheme, or
in addition to the exercise of those rights by the trustees or managers of the scheme.
Regulations under subsection (1)—
may specify conditions that must be met before the Board may exercise any such rights;
may provide for any such rights to be exercisable by the Board for a specified period;
may make provision in connection with any such rights ceasing to be so exercisable at the end of such a period.
Regulations under subsection (1) are subject to the affirmative resolution procedure.
In this section "eligible scheme" has the meaning given by section 126 of the Pensions Act 2004.