15.—(1) This regulation applies where an assessment period in relation to an occupational pension scheme began before the appointed day and either—
(a)that assessment period comes to an end (whether before, on or after the appointed day) and the trustees or managers of the scheme are required to wind up or continue to wind up the scheme in accordance with section 154(1) of the 2004 Act (requirement to wind up schemes with sufficient assets to meet protected liabilities)(1); or
(b)the Board ceases to be involved with the scheme in accordance with section 149(1) of that Act (circumstances in which Board ceases to be involved with an eligible scheme) and the scheme is winding up.
(2) Subject to paragraph (4), where the condition specified in paragraph (3) is met, the trustees or managers of the scheme may determine that the benefits specified in regulation 14(4) (non-money purchase schemes including benefits treated as money purchase benefits: winding up commencing on or after 6th April 2005 but before the appointed day), which the trustees or managers treated as money purchase benefits, are to be treated as money purchase benefits for the purposes of winding up the scheme in accordance with section 73 of the 1995 Act.
(3) The condition specified in this paragraph is that, immediately before the assessment period referred to in paragraph (1) began, the scheme included any of the benefits specified in regulation 14(4), which the trustees or managers of the scheme treated as money purchase benefits.
(4) Where the Board has previously made a determination under regulation 54(1) (discharge as money purchase benefits: periods after the appointed day) that benefits specified in regulation 44(3) (validity of valuations etc, determinations, transfer notices and discharge of benefits before the appointed day) should, or should not, be discharged as money purchase benefits, the trustees or managers of the scheme must wind up or continue to wind up the scheme in accordance with that determination.
(5) Where the trustees or managers of the scheme—
(a)determine in accordance with paragraph (2) that benefits specified in regulation 14(4) which the trustees or managers of the scheme treated as money purchase benefits should be treated as money purchase benefits for the purposes of winding up the scheme; or
(b)are required to wind up or continue to wind up the scheme in accordance with paragraph (4),
section 73 of the 1995 Act applies in relation to the benefits treated as money purchase benefits as if those benefits were money purchase benefits.
Commencement Information
I1Reg. 15 comes into force in accordance with reg. 1(1)
Section 154(5) was amended by section 22 of and paragraph 10 of Schedule 4 to the Act.