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PART IITHE PENSIONS REGULATOR

Powers in relation to winding up of occupational pension schemes

Powers to wind up occupational pension schemes

18.  In Article 11 of the 1995 Order (powers to wind up occupational pension schemes)—

(a)omit paragraph (3),

(b)before paragraph (4) insert—

(3A) The Authority may, during an assessment period (within the meaning of Article 116 of the Pensions (Northern Ireland) Order 2005 (meaning of “assessment period” for the purposes of Part III of that Order)) in relation to an occupational pension scheme, by order direct the scheme to be wound up if they are satisfied that it is necessary to do so in order—

(a)to ensure that the scheme’s protected liabilities do not exceed its assets, or

(b)if those liabilities do exceed its assets, to keep the excess to a minimum.

(3B) In paragraph (3A)—

(a)“protected liabilities” has the meaning given by Article 115 of the Pensions (Northern Ireland) Order 2005, and

(b)references to the assets of the scheme are references to those assets excluding any assets representing the value of any rights in respect of money purchase benefits (within the meaning of that Order) under the scheme.,

(c)at the end of paragraph (4) add—

(d)after paragraph (6) insert—

(6A) Paragraph (6) does not have effect to authorise the Authority to make an order as mentioned in sub-paragraph (a) or (b) of that paragraph, if their doing so would be unlawful as a result of section 6(1) of the Human Rights Act 1998 (unlawful for public authority to act in contravention of a Convention right)..