C1Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

Incidental functions

I2I171Pensions

1

This section applies to—

a

share transfer orders,

b

share transfer instruments, and

c

property transfer instruments.

2

An order or instrument may make provision—

a

about the consequences of a transfer for a pension scheme;

b

about property, rights and liabilities of any pension scheme of the bank.

3

In particular, an order or instrument may—

a

modify any rights and liabilities;

b

apportion rights and liabilities;

c

transfer property of, or accrued rights in, one pension scheme to another (with or without consent).

4

Provision by virtue of this section may (but need not) amend the terms of a pension scheme.

5

A share or property transfer instrument may make provision in reliance on this section only with the consent of the Treasury.

6

In this section—

a

“pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities, and

b

a reference to a pension scheme of a bank is a reference to a scheme in respect of which the bank, or a group company of the bank, is or was an employer.

7

In subsection (6)(b) the reference to a group company of the bank is a reference to anything that is or was a group undertaking in relation to the bank within the meaning given by section 1161(5) of the Companies Act 2006.