SCHEDULE 6 Continuity Option 1: transfer out and winding up

Scheme to continue to be a CMPS during winding-up

9.—(1) A “ collective money purchase scheme” for the purposes of Part 2 of the 2021 Act (collective money purchase benefits: Northern Ireland)) includes a scheme or section of a scheme during the winding-up period where the scheme or section was a collective money purchase scheme immediately before the winding-up commencement time.

(2) Sub-paragraph (1) applies irrespective of the fact that in accordance with the requirements of this Schedule the scheme or section has, during the winding-up period—

(a) ceased to make payments of benefits including payments of pension under the scheme, and

(b) commenced payments of periodic income under paragraph 7(1).