C1C2C4Part 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

Modification of schemes

F1C369Grounds for applying for modifications: winding up registered schemes

1

The Authority may, on an application made to them by the trustees of a registered pension scheme which is being wound up, make an order—

a

modifying the scheme for the purpose of enabling assets remaining after the liabilities of the scheme have been fully discharged to be distributed to the employer, or

b

authorising the trustees to modify the scheme for that purpose.

2

But the Authority may act under subsection (1) only if prescribed requirements in relation to the distribution are satisfied.

3

Regulations may make provision requiring applications under subsection (1) to meet prescribed requirements.

4

Regulations may provide that in prescribed circumstances this section does not apply to schemes falling within a prescribed class or description or applies to them with prescribed modifications.

5

In this section “registered pension scheme” means an occupational pension scheme registered under section 153 of the Finance Act 2004 (other than a public service pension scheme).