C1C3C4Part I Occupational pensions

Annotations:
Modifications etc. (not altering text)
C4

Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1

Functions of trustees

38I1I2C5C2 Power to defer winding up.

1

If, apart from this section, the rules of a trust scheme would require the scheme to be wound up, the trustees may determine—

F1a

that the scheme is not for the time being to be wound up but that no new members are to be admitted to it, or

b

that the scheme is not for the time being to be wound up but that no new members, except pension credit members, are to be admitted to it.

2

Where the trustees make a determination under subsection (1), they may also determine—

a

that no further contributions are to be paid towards the scheme F4(other than those due to be paid before the determination is made), or

b

that no F5...benefits are to accrue to, or in respect of, members of the scheme;

F2...

F32A

Subsection (2) does not authorise the trustees to determine—

a

where there are accrued rights or pension credit rights to any benefit, that the benefit is not to be increased, or

b

where the power conferred by that subsection is exercisable by virtue of a determination under subsection (1)(b), that members of the scheme may not acquire pension credit rights under it.

3

This section does not apply to—

a

a money purchase scheme, or

b

a scheme falling within a prescribed class or description.

F64

This section also does not apply in relation to a trust scheme where the trustees are required to wind up, or continue the winding up, of the scheme under section 154(1) of the Pensions Act 2004 (requirement to wind up certain schemes with sufficient assets to meet protected liabilities).