C2Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties
Chapter III Termination of Contracted-out or Appropriate Scheme Status: State Scheme Premiums
Approval of arrangements for schemes ceasing to be certified
C146 Powers of Board to approve arrangements for scheme ceasing to be certified.
1
In the case of an occupational pension scheme or a personal pension scheme which is or has been certified as a contracted-out or, as the case may be, an appropriate scheme, the F1Inland Revenue may, for the event of, or in connection with, its ceasing to be such a scheme, approve any arrangements made or to be made in relation to the scheme, or for its purposes, for the preservation or transfer—
a
in the case of an occupational pension scheme other than a money purchase contracted-out scheme—
i
of earners’ accrued rights to guaranteed minimum pensions under the scheme F2or accrued rights to pensions under the scheme attributable to their service on or after the principal appointed day, and;
ii
of the liability for the payment of F3such pensions in respect of persons who have then become entitled to receive them;
F4iii
of safeguarded rights under the scheme;
b
in the case of a money purchase contracted-out scheme or a personal pension scheme, of protected F5, or safeguarded, rights under the scheme.
F61A
The power of the F1Inland Revenue to approve arrangements under this section—
a
includes power to approve arrangements subject to conditions, and
b
may be exercised either generally or in relation to a particular scheme.
F61B
Arrangements may not be approved under this section unless any prescribed conditions are met
2
If the scheme ceases to be a contracted-out scheme or an appropriate scheme (whether by being wound up or otherwise) and the F1Inland Revenue either—
b
F7have declined to approve arrangements relating to it,
the F1Inland Revenue may issue a certificate to that effect.
3
4
Regulations may provide that where the F1Inland RevenueF10 have approved arrangements under subsection (1) in respect of an occupational pension scheme (other than a money purchase scheme) any provision of this Part (other than sections 14, 15, 22 to 29 and 39 to 41) or Chapter III of Part IV or Chapter II of Part V shall have effect subject to such modifications as may be specified in the regulations.
5
Any such regulations shall have effect in relation to arrangements whenever approved, unless they provide that they are only to have effect in relation to arrangements approved after they come into operation.
6
It is hereby declared that an approval of arrangements relating to an occupational pension scheme which is not a money purchase contracted-out scheme may be withdrawn at any time, notwithstanding that the scheme has been wound up.
F117
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Pt. 3: power to modify conferred (1.6.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 146(1); S.R. 1996/91, art. 2(f); S.R. 1997/192, art. 2
Pt. 3: power to transfer functions conferred (1.4.1999) by 1999 c. 2, s. 23(1)(2)(6); S.I. 1999/527, art. 2(b), Sch. 2