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3.—(1) Subject to paragraph (2), all property, rights and liabilities to which the Authority is entitled or subject immediately before the appointed day shall, on that day, become the property, rights and liabilities of the Regulator.
(2) All property held by the Authority in relation to the carrying out of its function (as Registrar(1)) under regulation 6(1)(a) of the Register of Occupational and Personal Pension Schemes Regulations 1997(2) (availability of information held on the register) immediately before the appointed day shall, on that day, become the property of the Secretary of State.
Section 6(1)(b) of the Pension Schemes Act 1993 provides for the appointment of a Registrar of Occupational and Personal Pension Schemes (“the Registrar”). Regulation 2(2) of the Register of Occupational and Personal Pension Schemes Regulations 1997 (S.I. 1997/371) appoints the Occupational Pensions Regulatory Authority (“the Authority”) as the Registrar. The function referred to under regulation 6(1)(a) of those Regulations is conferred on the Registrar.
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