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Pension Schemes Act 2021

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There are currently no known outstanding effects for the Pension Schemes Act 2021, Section 42. Help about Changes to Legislation

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).

Commencement Information

I1S. 42 in force at Royal Assent for specified purposes, see s. 131(3)(a)

I2S. 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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