http://www.legislation.gov.uk/ukpga/2021/1/section/42/2024-04-06Pension Schemes Act 2021An Act to make provision about pension schemes.texttext/xmlenStatute Law Database2024-05-18Expert Participation2024-04-06 PART 1Collective money purchase benefits<Emphasis>Triggering events and continuity options</Emphasis>Prohibition on winding up except in accordance with continuity option 1421A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).2Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.3Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).S. 42 in force at Royal Assent for specified purposes, see s. 131(3)(a)S. 42 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)
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<Strong>PART 1</Strong>
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<Title>Collective money purchase benefits</Title>
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<Title>Prohibition on winding up except in accordance with continuity option 1</Title>
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42
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<Text>A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).</Text>
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<Text>Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.</Text>
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<Text>Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).</Text>
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<CitationSubRef id="c00083" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/42" SectionRef="section-42">S. 42</CitationSubRef>
in force at Royal Assent for specified purposes, see
<CitationSubRef id="c00084" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/131/3/a" SectionRef="section-131-3-a">s. 131(3)(a)</CitationSubRef>
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<CitationSubRef id="crlowrsp4-00540" SectionRef="section-42" URI="http://www.legislation.gov.uk/id/ukpga/2021/1/section/42">S. 42</CitationSubRef>
in force at 1.8.2022 in so far as not already in force by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2022/721" id="crlowrsp4-00541" Class="UnitedKingdomStatutoryInstrument" Year="2022" Number="721" Title="The Pension Schemes Act 2021 (Commencement No. 6 and Transitional Provision) Regulations 2022">S.I. 2022/721</Citation>
,
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