Powers to wind up schemes
11.—(1) Subject to paragraphs (2) to (7), the Authority may by order direct or authorise an occupational pension scheme to be wound up if they are satisfied that—
(a)the scheme, or any part of it, ought to be replaced by a different scheme,
(b)the scheme is no longer required, or
(c)it is necessary in order to protect the interests of the generality of the members of the scheme that it be wound up.
(2) The Authority may not make an order under this Article on either of the grounds referred to in paragraph (1)(a) or (b) unless they are satisfied that the winding up of the scheme—
(a)cannot be achieved otherwise than by means of such an order, or
(b)can only be achieved in accordance with a procedure which—
(i)is liable to be unduly complex or protracted, or
(ii)involves the obtaining of consents which cannot be obtained, or can only be obtained with undue delay or difficulty,
and that it is reasonable in all the circumstances to make the order.
(3) An order made under this Article on either of the grounds referred to in paragraph (1)(a) or (b) may be made only on the application of—
(a)the trustees or managers of the scheme,
(b)any person other than the trustees or managers who has power to alter any of the rules of the scheme, or
(c)the employer.
(4) An order under this Article authorising a scheme to be wound up must include such directions with respect to the manner and timing of the winding up as the Authority think appropriate having regard to the purposes of the order.
(5) The winding up of a scheme in pursuance of an order of the Authority under this Article is as effective in law as if it had been made under powers conferred by or under the scheme.
(6) An order under this Article may be made and complied with in relation to a scheme—
(a)in spite of any enactment or rule of law, or any rule of the scheme, which would otherwise operate to prevent the winding up, or
(b)except for the purpose of the Authority determining whether they are satisfied as mentioned in paragraph (2), without regard to any such enactment, rule of law or rule of the scheme as would otherwise require, or might otherwise be taken to require, the implementation of any procedure or the obtaining of any consent, with a view to the winding up.
(7) In the case of a public service pension scheme—
(a)an order under paragraph (1) directing or authorising the scheme to be wound up may only be made on the grounds referred to in sub-paragraph (c), and
(b)such an order may, as the Authority think appropriate, adapt, amend or repeal any enactment in which the scheme is contained or under which it is made.