Pensions Act 2007

23 Winding up of the Authority

(1) If the condition in subsection (3) is satisfied, the Secretary of State may by order provide for the winding up and dissolution of the Authority.

(2) If the condition in subsection (3) is satisfied at any time after 2008, the Secretary of State must lay before Parliament a draft of an order under this section as soon as reasonably practicable.

(3) The condition is that, as a result of the abandonment or modification of any relevant proposals about personal accounts, it appears to the Secretary of State that it is no longer necessary for the Authority to continue to exist.

(4) If—

(a) the Secretary of State lays a draft of an order under this section before Parliament in accordance with subsection (2), and

(b) a motion for the approval of the order is defeated in either House,

that subsection is not to be taken to oblige the Secretary of State to lay any further draft of such an order before Parliament.

(5) An order under this section may, in particular—

(a) provide for the transfer of property, rights or liabilities of the Authority to the Secretary of State;

(b) provide, in connection with provision made under paragraph (a)—

(i) for the creation of interests in property transferred;

(ii) for the creation of rights and liabilities in relation to such property;

(iii) for interests, rights and liabilities to be extinguished;

(c) provide for the payment by the Secretary of State or the Authority of compensation to any person who suffers loss or damage as a result of the provision made for the winding up of the Authority.

(6) An order under this section may make—

(a) such consequential, incidental or supplemental provision, and

(b) such transitional, transitory or saving provision,

as the Secretary of State thinks necessary or expedient in connection with, or in consequence of, the winding up and dissolution of the Authority.

(7) An order under this section may also contain provision repealing any provision of sections 20 to 22 or Schedule 6.

(8) No order may be made under this section unless a draft of the order has been laid before and approved by a resolution of each House of Parliament.