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Pension Schemes Act 2021

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This is the original version (as it was originally enacted).

42Prohibition on winding up except in accordance with continuity option 1

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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