The Pension Schemes (Transfers, Reorganisations and Winding Up) (Transitional Provisions) (Amendment) Order 2010

Amendment of Article 14

4.—(1) Article 14 (the winding up condition) is amended as follows.

(2) In paragraph (1)—

(a) after the words “the winding up condition is met if” insert “the first or second condition is met.”, and

(b) omit sub-paragraphs (a), (b) and (c).

(3) After paragraph (1) insert—

“(1A) The first condition is met if—

(a) a pension scheme (“the original pension scheme”) is being wound up,

(b) the original pension scheme is within any of paragraphs (a) to (d) of paragraph 1(1) of Schedule 36 (deemed registration of existing schemes), and

(c) condition A, B or C is met as set out in paragraphs (2), (3) and (4).

(1B) The second condition is met if—

(a) a registered pension scheme which is not within any of the paragraphs 1(1)(a) to (d) of paragraph 1(1) of Schedule 36 is being wound up, and

(b) immediately before the commencement of the winding up, an individual member of that registered pension scheme has rights which are protected under paragraph 22 or 31(1) of Schedule 36 (or under both of those paragraphs).”.

(1)

Paragraphs 22 and 31 of Schedule 36 to the Finance Act 2004 (c.12) were amended by paragraph 55 of Schedule 10 to the Finance Act 2005 (c.7) with effect from 6 April 2006.