(1)The Certification Officer may, on the application of a trade union—
(a)exempt a members’ superannuation scheme which the union proposes to maintain from the requirements of section 39 (examination of proposals for new scheme), or
(b)exempt a members’ superannuation scheme which the union maintains from the requirements of section 40 (periodical re-examination of scheme),
if he is satisfied that, by reason of the small number of members to which the scheme is applicable or for any other special reasons, it is unnecessary for the scheme to be examined in accordance with those provisions.
(2)An exemption may be revoked if it appears to the Certification Officer that the circumstances by reason of which it was granted have ceased to exist.
(3)Where an exemption is revoked under subsection [F1(2)], the date as at which the next periodical examination is to be carried out under section 40 shall be such as the Certification Officer may direct.
(4)The Certification Officer may in any case direct that section 40 (periodical re-examination of schemes) shall apply to a trade union with the substitution for the reference to five years of a reference to such shorter period as may be specified in the direction.
Textual Amendments
F1Words in s. 41(3) substituted (6.4.2005) by Employment Relations Act 2004 (c. 24), ss. 57(1), 59(2)-(4), Sch. 1 para. 4, S.I. 2005/872, {art. 4}, Sch. (with arts. 6-21)