Savings

[F16A.—(1)  Notwithstanding the repeals of section 74 of the 1995 Act (discharge of liabilities by insurance, etc. ) mentioned in Schedule 1, that section shall continue to have effect as it applied immediately before 6th April 2005 to any scheme which—

(a)was regarded at that time by virtue of regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations 1996 (commencement of winding up) as having begun to be wound up for the purposes of those Regulations; or

(b)in accordance with section 124(3A) to (3E) of the 1995 Act (interpretation: time at which the winding up of an occupational pension scheme shall be taken to begin) began to wind up before that date.

(2)  In paragraph (1), the reference to a scheme includes a reference to any section of a scheme to which section 74 of the 1995 Act applies as if it were a scheme by virtue of regulation 12 of those Regulations (winding up of sectionalised schemes etc. ). ]

Textual Amendments