PART 1Collective money purchase benefits

Triggering events and continuity options

42Prohibition on winding up except in accordance with continuity option 1

(1)A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).

(2)Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.

(3)Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).