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Pension Schemes Act (Northern Ireland) 2021
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Prohibition on winding up except in accordance with continuity option 1
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29.—(1) A person may only wind up a Master Trust scheme in accordance with continuity option 1 (see section 24).
(2) Subsection (1) overrides any provision of a Master Trust scheme to the extent that there is a conflict.
(3) But subsection (1) does not prevent a Master Trust scheme from being wound up in pursuance of an order under Article 11 of the 1995 Order (power to wind up occupational pension schemes).
(4) Article 10 of the 1995 Order (civil penalties) applies to a person who fails to comply with subsection (1).
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