PART 5Winding Up
Schemes treated as money purchase schemes: winding up commencing before 6th April 200510
1
This regulation applies where—
a
an occupational pension scheme began to wind up before 6th April 2005 (whether or not the scheme has completed winding up before the appointed day), and
b
if it were not for this regulation, the trustees or managers of the scheme would have been required to wind up the scheme in accordance with Article 73 of the 1995 Order.
2
Where the conditions specified in paragraph (3) are met in relation to the scheme, Article 73 of the 1995 Order (as it stood on the date that the scheme began to wind up) has effect in relation to the scheme as if after paragraph (1) there were inserted—
1A
In paragraph (1) “salary-related occupational pension scheme” does not include a scheme which provides—
a
cash balance benefits;
b
money purchase benefits, or
c
pensions derived from money purchase or cash balance benefits,
and no benefits other than those specified in sub-paragraphs (a) to (c) or death benefits.
1B
In paragraph (1A) “cash balance benefit” has the meaning given by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014.
3
The conditions specified in this paragraph are that, immediately before the scheme began winding up—
a
the scheme included cash balance benefits or pensions derived from money purchase or cash balance benefits;
b
the scheme included no benefits other than those specified in sub-paragraph (a), money purchase benefits or death benefits, and
c
the trustees or managers of the scheme treated the scheme as a money purchase scheme.