132Applications to the Board to modify schemes (other than public service schemes)
(1)On an application made to them in respect of an occupational pension scheme or a personal pension scheme by persons competent to make such an application, the Board may make an order—
(a)authorising the modification of the scheme with a view to achieving—
(i)any one or more of the purposes specified in subsection (2); or
(ii)any one or more of such other purposes as may be prescribed; or
(b)modifying the scheme with a view to achieving any one or more of those purposes.
(2)The purposes referred to in subsection (1)(a)(i) are—
(a)to enable the scheme to provide for the transfer of accrued rights (including any transfer credits allowed under the scheme) to another scheme (whether an occupational or personal pension scheme) with a view to the acquisition, for those whose rights are transferred, of rights under the other scheme in connection with change of employment or otherwise, and for the allowance of transfer credits;
(b)to enable the scheme to be one to which section 159 applies or to have included in or removed from it provisions designed to avoid the effect of the rules of law relating to perpetuities;
(c)without prejudice to section 135(2), to comply with the voluntary contributions requirements;
(d)to enable the trustees or managers of the scheme, or others concerned with or having rights under it, to enter into alternative arrangements having regard to any provision of this Act, or of any other enactment (enacted or made or to be enacted or made) amending or replacing any such provision or making provision for similar purposes; or
(e)in the case of an occupational pension scheme only, to enable the scheme—
(i)to be so treated that an employment to which it applies may be contracted-out employment by reference to it;
(ii)to qualify for the approval of the Inland Revenue for the purposes of Chapter I of Part XIV of the [1988 c. 1.] Income and Corporation Taxes Act 1988 or to provide benefits enhanced up to the limits suitable in a scheme for which such approval is sought;
(iii)to provide for accrued rights to benefit (whether in payment or not), so far as payable out of the resources of the scheme, to be surrendered by beneficiaries (at their option and not otherwise, so long as the scheme remains in force and is not being, or to be, wound up) in exchange for other rights assured by means of one or more policies of insurance or annuity contracts, or by other means; or
(iv)without prejudice to section 135(2), to comply with the preservation requirements or the equal access requirements.
(3)An order under subsection (1)(a)—
(a)shall be framed so as to confer the power of modification on such persons as the Board think proper (who may include persons who were not parties to the application made to the Board); and
(b)shall include such directions as the Board think appropriate, having regard to the purposes of the order, indicating the modifications which they consider to be called for.