Part IIICertification of Pension Schemes and Effects on Members' State Scheme Rights and Duties

Chapter IIITermination of Contracted-out or Appropriate Scheme Status: State Scheme Premiums

Supervision of formerly certified schemes

48Supervision of schemes which have ceased to be certified

(1)

Section 49 shall apply for the purpose of making provision for securing the continued supervision of occupational pension schemes as respects which subsection (2) applies and section 50 shall apply for the purpose of making corresponding provision in relation to personal pension schemes as respects which subsection (3) applies.

(2)

This subsection applies as respects any occupational pension scheme, other than a public service pension scheme, where—

(a)

the scheme has ceased to be a contracted-out scheme otherwise than by being wound up; and

(b)

there has not been a payment of a premium under section 51(1) in respect—

(i)

of each person entitled to receive, or having accrued rights to, guaranteed minimum pensions under the scheme; or

(ii)

of each person who has protected rights under it or is entitled to any benefit giving effect to protected rights under it.

(3)

This subsection applies as respects any personal pension scheme where—

(a)

the scheme has ceased to be an appropriate scheme otherwise than by being wound up; and

(b)

there has not been a payment of a premium under section 51(1) in respect of each person who has protected rights under it or is entitled to any benefit giving effect to protected rights under it.

(4)

Section 49 shall continue to apply so long as there is any such person as is mentioned in paragraph (b)(i) or (ii) of subsection (2) (but, where by virtue of section 15 a scheme has ceased to be liable to provide guaranteed minimum pensions for a member and the member’s widow or widower, the duties imposed on the Board by section 49 shall cease to subsist in relation to those pensions), and section 50 shall continue to apply so long as there is any such person as is mentioned in paragraph (b) of subsection (3).

(5)

For the purposes of subsections (2) and (4) a person in respect of whom a premium is not payable by virtue of regulation 17(2A) of the M1Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1985 shall not be treated as such a person as is mentioned in paragraph (b)(ii) of subsection (2).

(6)

For the purposes of subsections (3) and (4) a person in respect of whom a premium is not payable by virtue of regulation 3 of the M2Personal Pension Schemes (Personal Pension Protected Rights Premiums) Regulations (Northern Ireland) 1987 shall not be treated as such a person as is mentioned in paragraph (b) of subsection (3).