Section 232: Power to modify provisions of this Part
848.This section provides a power for regulations to modify the provisions of this Part as they apply in prescribed circumstances. It mirrors the current section 61 of the Pensions Act 1995, which provides a similar power for regulations to modify the operation of the Minimum Funding Requirement. The operation of the Minimum Funding Requirement legislation is modified under section 61 in respect of specified types of scheme including, for example schemes in wind-up, shared cost schemes, multi-employer schemes, schemes without active members, schemes which are partially guaranteed by Ministers of the Crown, and schemes which are exempt from the requirement to appoint an actuary.
Section 233: Construction as one with the Pensions Act 1995
849.This section makes it clear that words used in this Part of the Act should be interpreted as having the same meaning as they do in Part 1 of the Pensions Act 1995.