The Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001

Modifications on designating pensions review provisions

4.—(1) When designating a pension review provision, the Authority must make such modifications of it (if any) as appear to the Authority necessary to ensure—

(a) that, so far as possible, the pensions review provision has the same effect after commencement as it did immediately before commencement; and

(b) in particular, that the class of persons to whom it applies at any time after commencement consists of persons of the same description as the class of persons to whom it would have applied at that time if the Act had not been passed and the provision had remained as it had effect immediately before commencement.

(2) When designating a pensions review provision, the Authority may make such modifications of it as have the effect of limiting its application to a class of persons narrower than the class to which it applied immediately before commencement; and paragraph (1) is not to be taken—

(a) as preventing any modification under this paragraph; or

(b) as requiring any modification which is inconsistent with a modification that has been made under this paragraph.

(3) The modifications authorised by paragraph (1)(a) include the addition of such transitional provisions as are necessary to achieve the result there mentioned.

(4) This article does not affect the power of the Authority to make modifications of the deemed scheme under article 6(1)(b).