Pension Schemes Act 1993

[F1 32A Discharge of protected rights on winding up: insurance policies E+W+S

(1) Where an occupational pension scheme is being wound up and such conditions as may be prescribed are satisfied, effect may be given to the protected rights of a member of the scheme (in spite of section 28) by—

(a) taking out an appropriate policy of insurance, or a number of such policies, under which the member is the beneficiary, or

(b) assuring the benefits of a policy of insurance, or a number of such policies, to the member, where the policy assured is an appropriate policy.

(2) A policy of insurance is appropriate for the purposes of this section if—

(a) the [F2 insurer] with which it is or was taken out or entered into—

(i) is, or was at the time when the policy was taken out or (as the case may be) the benefit of it was assured, carrying on F3 ... long-term insurance business F3 ... in the United Kingdom or any other Member State, and

(ii) satisfies, or at that time satisfied, prescribed requirements, and

(b) it may not be assigned or surrendered except on conditions which satisfy such requirements as may be prescribed, and

(c) it contains or is endorsed with terms whose effect is that the amount secured by it may not be commuted except on conditions which satisfy such requirements as may be prescribed, and

(d) it satisfies such other requirements as may be prescribed]

Textual Amendments

F1 S. 32A inserted (13.3.1996 for specified purposes, 1.4.1996 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 146(1), 180(1); S.I. 1996/778, art. 2(2), Sch. Pt. 2

F2 Word in s. 32A(2)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 118(a)

F3 Words in s. 32A(2)(a)(i) repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 118(b)