http://www.legislation.gov.uk/ukpga/1995/26/section/74Pensions Act 1995An Act to amend the law about pensions and for connected purposes.1995-07-19texttext/xmlenStatute Law Database2026-08-04Expert Participation2026-07-31
Pensions Act 1995s. 175(2)(ca)Pensions Act 2004s. 240(2)s. 313s. 322(1)Pensions Act 1995s. 37(1A)(b)Pension Schemes Act 2015Sch. 2 para. 7(b)s. 87s. 89(4)(a)Pensions Act 1995s. 51(5A)-(5C)Pension Schemes Act 2015s. 43(1)s. 87s. 89(4)(a)Pensions Act 1995s. 51(7A)Pension Schemes Act 2015s. 41(1)(b)s. 87s. 89(4)(a)Pensions Act 1995s. 51(9)(10)Pension Schemes Act 2015s. 42(3)s. 87s. 89(4)(a)Pensions Act 1995s. 67A(3)(aa)-(ac)Pension Schemes Act 2015s. 45(3)s. 87s. 89(4)(a)Pensions Act 1995s. 67A(9)(a)(viii)-(x)Pension Schemes Act 2015s. 45(6)(a)s. 87s. 89(4)(a)Pensions Act 1995s. 67A(9)(b)(vi)-(viii)Pension Schemes Act 2015s. 45(6)(b)s. 87s. 89(4)(a)Pensions Act 1995s. 73(2)(2A)Pension Schemes Act 2015Sch. 2 para. 11s. 87s. 89(4)(a)Pensions Act 1995s. 74Pension Schemes Act 2015s. 26(3)(a)s. 87s. 89(4)(a)Pensions Act 1995s. 75(1)-(1B)Pension Schemes Act 2015Sch. 2 para. 12s. 87s. 89(4)(a)Pensions Act 1995s. 175(2)(za)Pension Schemes Act 2015s. 43(2)s. 87s. 89(4)(a)Pensions Act 1995s. 75(1B)Pension Schemes Act 2026s. 98(1)s. 133(7)Pensions Act 1995Blanket amendmentThe Treaty of Lisbon (Changes in Terminology) Order 2011art. 3 6art. 3(2)art. 3(3) 4(2) 6(4)(5)art. 2
Part I Occupational pensions Winding up Discharge of liabilities by insurance, etc.741This section applies where an occupational pension scheme to which section 73 applies is being wound up.2A liability to or in respect of a member of the scheme in respect of pensions or other benefits ... is to be treated as discharged (to the extent that it would not be so treated apart from this section) if the trustees or managers of the scheme have, in accordance with prescribed arrangements, provided for the discharge of the liability in one or more of the ways mentioned in subsection (3).3The ways referred to in subsection (2) are—aby acquiring transfer credits allowed under the rules of another occupational pension scheme which satisfies prescribed requirements and the trustees or managers of which are able and willing to accept payment in respect of the member,bby acquiring rights allowed under the rules of a personal pension scheme which satisfies prescribed requirements and the trustees or managers of which are able and willing to accept payment in respect of the member’s accrued rights or pension credit rights,cby purchasing one or more annuities which satisfy prescribed requirements from one or more insurers, being companies willing to accept payment in respect of the member from the trustees or managers,dby subscribing to other pension arrangements which satisfy prescribed requirements,eby the payment of a cash sum in circumstances where prescribed requirements are met.4If the assets of the scheme are insufficient to satisfy in full the liabilities, as calculated in accordance with the scheme rules, in respect of pensions and other benefits ... , the reference in subsection (2) to providing for the discharge of any liability in one or more of the ways mentioned in subsection (3) is to applying any amount available, in accordance with section 73, in one or more of those ways.5Regulations may provide for this section—ato have effect in relation to so much of any liability as may be determined in accordance with the regulations, ...b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6For the purposes of this section—areferences to assets of the scheme do not include any assets representing the value of any rights in respect of money purchase benefits under the scheme rules, andbreferences to liabilities of the scheme do not include any liabilities in respect of money purchase benefits under the scheme rules;and “scheme rules” has the same meaning as in the Pensions Act 2004 (see section 318 of that Act).Pt. I modified (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), regs. 1, 2S. 74(2)(3) in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. VS. 74(5)(b) in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. VS. 74(1) in force at 16.10.1996 for specified purposes by S.I. 1996/2637, art. 3S. 74(5)(a) in force at 16.10.1996 for specified purposes by S.I. 1996/2637, art. 3S. 74 excluded (temp.) (6.3.1997) by The Pensions Act 1995 (Commencement No. 10) Order 1997 (S.I. 1997/664), art. 11(1)Pt. I applied (with modifications) (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 2S. 74 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3 (with art. 11(1))Words in s. 74(3)(b) inserted (1.12.2000) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(1), Sch. 12 para. 56; S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IVWord in s. 74(3)(c) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 144S. 74(6) inserted (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(f), 322(1) (with s. 313); S.I. 2005/275, art. 2(3)(a)(b), Sch. Pt. 3 (with art. 2(8)(9))S. 74(1) substituted (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(a), 322(1) (with s. 313); S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9)) (with savings in S.I. 2005/695, art. 6A)S. 74(2) modified (6.4.2005) by The Occupational Pension Schemes (Winding up etc.) Regulations 2005 (S.I. 2005/706), regs. 1(2), 10(3)Words in s. 74(2) repealed (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(b), 322(1), Sch. 13 (with s. 313); S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9)) (with savings in S.I. 2005/695, art. 6A)S. 74(3)(e) inserted (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(c), 322(1) (with s. 313); S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9)) (with savings in S.I. 2005/695, art. 6A)S. 74(4) modified (6.4.2005) by The Occupational Pension Schemes (Winding up etc.) Regulations 2005 (S.I. 2005/706), regs. 1(2), 10(3)Words in s. 74(4) substituted (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(d)(i), 322(1) (with s. 313); S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9)) (with savings in S.I. 2005/695, art. 6A)Words in s. 74(4) repealed (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(d)(ii), 322(1), Sch. 13 (with s. 313); S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9)) (with savings in S.I. 2005/695, art. 6A)S. 74(5)(b) and preceding word repealed (10.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 270(2)(e), 322(1), Sch. 13 (with s. 313); S.I. 2005/275, art. 2(3), Sch. Pt. 3 (with art. 2(8)(9)) (with savings in S.I. 2005/695, art. 6A)Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1Ss. 73-74 applied (with modifications) by The Occupational Pension Schemes (Winding Up) Regulations 1996 (S.I. 1996/3126), regs. 1(1), 12 (as amended (6.4.2005) by S.I. 2005/706, reg. 1(2), Sch. paras. 6, 7)