126Eligible schemesE+W+S
(1)Subject to the following provisions of this section, in this Part references to an “eligible scheme” are to an occupational pension scheme which—
(a)is not a money purchase scheme, and
(b)is not a prescribed scheme or a scheme of a prescribed description.
[F1(1A)Where a scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this Part as a separate money purchase scheme.]
(2)A scheme is not an eligible scheme if it is being wound up immediately before the day appointed by the Secretary of State by order for the purposes of this subsection.
(3)Regulations may provide that where—
(a)an assessment period begins in relation to an eligible scheme (see section 132), and
(b)after the beginning of that period, the scheme ceases to be an eligible scheme,
the scheme is, in such circumstances as may be prescribed, to be treated as remaining an eligible scheme for the purposes of such of the provisions mentioned in subsection (4) as may be prescribed.
(4)Those provisions are—
(a)any provision of this Part, and
(b)any other provision of this Act in which “eligible scheme” has the meaning given by this section.
(5)Regulations may also provide that a scheme which would be an eligible scheme in the absence of this subsection is not an eligible scheme in such circumstances as may be prescribed.
Textual Amendments
F1S. 126(1A) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 3 para. 16; S.I. 2022/721, regs. 1(2), 3(a)
Modifications etc. (not altering text)
C1Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72
C2Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11
C3S. 126 modified (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 61, 63 and amendment to earlier affecting provision (1.8.2005) by The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2113), regs. 1(2), 10(4)
C4S. 126(2) power exercised: 6.4.2005 appointed by S.I. 2005/599, art. 2
C5S. 126(4) modified (6.4.2017) by Pensions Act 2014 (c. 19), s. 56(1), Sch. 20 para. 17 (with Sch. 20 paras. 9, 11); S.I. 2017/297, art. 2(b) (with transitional provisions in S.I. 2017/301)
Commencement Information
I1S. 126(1)(a) in force at 1.4.2005 by S.I. 2005/275, art. 2(6), Sch. Pt. 6
I2S. 126(1)(b)(5) in force at 10.2.2005 for specified purposes and at 1.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(2), Sch. Pt. 2
I3S. 126(2) in force at 10.2.2005 for specified purposes and 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(1), Sch. Pt. 1
I4S. 126(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3
I5S. 126(4) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7