SCHEDULE 6Continuity Option 1: transfer out and winding up
Scheme to continue to be a CMPS during winding-up
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1
A “collective money purchase scheme” for the purposes of Part 1 of the Act (collective money purchase benefits) includes a scheme or section of a scheme during the winding-up period where the scheme or section was a collective money purchase scheme immediately before the winding-up commencement time.
2
Sub-paragraph (1) applies irrespective of the fact that in accordance with the requirements of this Schedule the scheme or section has, during the winding-up period—
a
ceased to make payments of benefits including payments of pension under the scheme; and
b
commenced payments of periodic income under paragraph 7(1).