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The Occupational Pension Schemes(Winding Up) Regulations 1996

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Winding Up) Regulations 1996 and shall come into force on 6th April 1997.

(2) These Regulations do not apply to any scheme which has begun to be wound up before that date.

(3) Unless the context otherwise requires—

(a)expressions used in these Regulations have the same meaning as if they were used in Part I of the Pensions Act 1995; and

(b)in these Regulations any reference to a section is a reference to a section of that Act.

(4) In these Regulations “the MFR Regulations” means the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996(1).

(5) References in these Regulations to the guidance given in GN 19 are to the guidelines on winding up and scheme asset deficiency (GN 19), prepared and published by the Institute of Actuaries and the Faculty of Actuaries(2) and approved for the purposes of these Regulations by the Secretary of State, as they apply as respects schemes of the description in question with such revisions as have been so approved as at the date as at which the valuation in question is made.

(1)

S.I. 1996/1536.

(2)

Copies of GN 19 may be obtained from the Faculty of Actuaries, 17 Thistle Street, Edinburgh, EH2 1DF.

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