Part XII Supplementary Provisions

Transfers

I1413 Modification of transfer or pension instruments.

1

If, at any time after a transfer or pension instrument has come into force, a Minister of the Crown considers it appropriate to do so, he may by order provide that the instrument shall for all purposes be deemed to have come into force with such modifications as may be specified in the order.

2

An order under subsection (1) above may make such provision as could have been made by the transfer or pension instrument.

3

An order under subsection (1) above may only be made after the requisite consultation.

4

If, at any time after a scheme under section 409 above has come into force, a Minister of the Crown considers it appropriate to do so, he may by directions require a body or person falling within subsection (2) of section 408 above to prepare modifications to the scheme of such a description as may be specified in the directions.

5

Where a body or person is required to prepare any modifications under subsection (4) above, the body or person shall submit the modifications to the Minister for his approval before such date as he may direct.

6

Where any modifications are submitted under subsection (5) above, the Minister may approve them with or without amendment.

7

Approval under subsection (5) above shall only be given after the requisite consultation.

8

An approval under subsection (5) above shall take effect on such date as the Minister may specify in giving the approval.

9

Where any modifications are made and approved under the preceding provisions of this section, whether with or without amendment, the scheme shall for all purposes be deemed to have come into force with those modifications, subject to any such amendment.

10

For the purposes of this section, “the requisite consultation”—

a

if or to the extent that the transfer or pension instrument concerned makes provision by virtue of the pension powers of this Part, is consultation with the trustees or managers, or the administrators, of any pension scheme affected; and

b

if or to the extent that the transfer or pension instrument concerned makes provision otherwise than by virtue of the pension powers of this Part, is consultation with any body which, or person who, the Minister considers may be affected.

11

In this section—

  • “approval” means approval in writing;

  • “the pension powers of this Part” means—

    1. a

      in the case of a scheme, section 409(7) above; and

    2. b

      in the case of an order, section 411 above;

  • “transfer or pension instrument” has the same meaning as in section 412 above.