Part 9Miscellaneous and supplementary

General

306Overriding requirements

(1)

Where any provision mentioned in subsection (2) conflicts with the provisions of an occupational or personal pension scheme—

(a)

the provision mentioned in subsection (2), to the extent that it conflicts, overrides the provisions of the scheme, and

(b)

the scheme has effect with such modifications as may be required in consequence of paragraph (a).

(2)

The provisions referred to in subsection (1) are those of—

(a)

any order made by the Regulator under Part 1;

(b)

any regulations made under section 19(7);

(c)

any regulations made under section 21(4);

(d)

any regulations made under section 24(7);

(e)

any direction issued by the Regulator under section 41(4);

(f)

any direction issued by the Regulator under section 50(4);

(g)

Part 2 (other than Chapter 1), any subordinate legislation made under that Part and any direction given under section 134 or 154;

(h)

Part 3 and any subordinate legislation made under that Part;

(i)

any regulations under section 237;

(j)

sections 241 and 242, any regulations made under sections 241 to 243 and any arrangements under sections 241 and 242;

(k)

sections 247 and 248 and any regulations under sections 247 to 249;

(l)

sections 256 and 258;

(m)

any ring-fencing notice issued by the Regulator under section 292;

(n)

any regulations under section 286, 307, 308, 315(6) or 318(4) or (5) and any order under section 322(5).

(3)

Subsection (1) is without prejudice to section 32(1) (overriding effect of freezing orders made by the Regulator) and section 154(12) (overriding effect of requirement to wind up pension scheme under Part 2).

(4)

In the case of a company to which section 242 (requirement for member-nominated directors of corporate trustees) applies, where any provision mentioned in subsection (5) conflicts with the provisions of the company’s memorandum or articles of association—

(a)

the provision mentioned in subsection (5), to the extent that it conflicts, overrides the provisions of the memorandum or articles, and

(b)

the memorandum or articles have effect with such modifications as may be required in consequence of paragraph (a).

(5)

The provisions referred to in subsection (4) are those of—

(a)

section 242;

(b)

any regulations made under section 242 or 243;

(c)

any arrangements under section 242.