Grounds for applying for modifications: winding up registered schemes69

1

The Authority may, on an application made to them by the trustees of a registered pension scheme which is being wound up, make an order—

a

modifying the scheme for the purpose of enabling assets remaining after the liabilities of the scheme have been fully discharged to be distributed to the employer, or

b

authorising the trustees to modify the scheme for that purpose.

2

But the Authority may act under paragraph (1) only if prescribed requirements in relation to the distribution are satisfied.

3

Regulations may make provision requiring applications under paragraph (1) to meet prescribed requirements.

4

Regulations may provide that in prescribed circumstances this Article does not apply to schemes falling within a prescribed class or description or applies to them with prescribed modifications.

5

In this Article “registered pension scheme” means an occupational pension scheme registered under section 153 of the Finance Act 2004 (other than a public service pension scheme).