This is the original version (as it was originally made).
54.—(1) Where—
(a)an assessment period or further assessment period in relation to an eligible scheme has begun before the appointed day; and
(b)the Board is satisfied that benefits which have accrued in accordance with the admissible rules of the scheme include any of the benefits specified in regulation 44(3);
the Board may determine, in the circumstances specified in paragraph (2), that benefits specified in regulation 44(3) treated by the trustees and managers of the scheme as if they were money purchase benefits are to be treated as money purchase benefits for the purposes of the relevant Pension Protection Fund provisions.
(2) The circumstances specified in this paragraph are that the Board is satisfied—
(a)that, immediately before that assessment period or further assessment period began, the trustees or managers of the scheme treated those benefits as money purchase benefits; and
(b)that it is reasonable in the circumstances to treat those benefits as money purchase benefits for the purposes of the relevant Pension Protection Fund provisions.
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