Part IIISchemes that were contracted-out etc. and Effects on Members’ State Scheme Rights ...

Chapter III Termination of Contracted-out or Appropriate Scheme Status: State Scheme Premiums

Approval of arrangements for schemes ceasing to be certified

46 Powers of Board to approve arrangements for scheme ceasing to be certified.

F1(1)

In the case of an occupational pension scheme F2... which is or has been certified as a F3salary related contracted-out scheme, the F4Inland Revenue may, for the event of, or in connection with, its ceasing to be such a scheme, approve any arrangements made or to be made in relation to the scheme, or for its purposes, for the preservation or transfer—

F5(a)

of earners’ accrued rights to guaranteed minimum pensions under the scheme or accrued rights to pensions under the scheme attributable to their service on or after the principal appointed day, and

F5(b)

of the liability for the payment of such pensions in respect of persons who have then become entitled to receive them.

F6(1A)

The power of the F4Inland Revenue to approve arrangements under this section—

(a)

includes power to approve arrangements subject to conditions, and

(b)

may be exercised either generally or in relation to a particular scheme.

F6(1B)

Arrangements may not be approved under this section unless any prescribed conditions are met

(2)

If the scheme ceases to be a F7salary related contracted-out scheme (whether by being wound up or otherwise) and the F4Inland Revenue either—

(a)

F8have withdrawn F9their approval of previously approved arrangements relating to it; or

(b)

F8have declined to approve arrangements relating to it,

the F4Inland Revenue may issue a certificate to that effect.

(3)

A certificate issued under subsection (2)(a) or (b) shall be cancelled by the F4Inland Revenue if F10they subsequently approve the arrangements.

(4)

Regulations may provide that where the F4Inland Revenue F11 have approved arrangements under subsection (1) in respect of an occupational pension scheme F12... any provision of this Part (other than sections 14, 15, F1327 and 29 and F1439 and 41) or Chapter III of Part IV or Chapter II of Part V shall have effect subject to such modifications as may be specified in the regulations.

(5)

Any such regulations shall have effect in relation to arrangements whenever approved, unless they provide that they are only to have effect in relation to arrangements approved after they come into operation.

(6)

It is hereby declared that an approval of arrangements relating to an occupational pension scheme F15to which subsection (1) applies may be withdrawn at any time, notwithstanding that the scheme has been wound up.

F16(7)

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