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Changes over time for: Section 42
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/08/2022.
Changes to legislation:
There are currently no known outstanding effects for the Pension Schemes Act 2021, Section 42.
Changes to Legislation
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42Prohibition on winding up except in accordance with continuity option 1E+W+S
This section has no associated Explanatory Notes
(1)A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).
(2)Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.
(3)Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).
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