Pensions Act 2007

Pension Schemes Act 1993 (c. 48)

9 Before section 26 (persons who may establish scheme) insert—

“25A Requirements for schemes with members with protected rights

(1) This section applies to—

(a) an occupational pension scheme which ceased to be a money purchase contracted-out scheme by virtue of section 15(1) of the Pensions Act 2007,

(b) a personal pension scheme which ceased to be an appropriate scheme by virtue of section 15(1) of that Act, or

(c) a registered pension scheme under section 153 of the Finance Act 2004—

(i) which is not a scheme falling within paragraph (a) or (b), and

(ii) to which the rights of a person who was at any time a member of a scheme mentioned in either of those paragraphs have been transferred.

(2) For so long as there are persons who have protected rights under a scheme to which this section applies, or who are entitled to any benefit giving effect to such rights under it, the scheme must satisfy the requirements mentioned in subsection (3).

(3) Those requirements are—

(a) the requirements imposed by or by virtue of sections 26 to 32; and

(b) such other requirements as may be prescribed.

(4) Regulations made under subsection (3)(b) may contain provision framed by reference to whether or not a scheme is a registered pension scheme under section 153 of the Finance Act 2004.”