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Pensions Act 2008

43A Financial support directions: transfer of members of the scheme.

420.Section 43A and 43B provide that where some or all of the members of a pension scheme to which section 43 of the PA 2004 (financial support directions) applies have been transferred to one or more other work-based schemes the Regulator may issue a financial support direction in relation to any scheme that contains the affected members. These sections set out parallel provisions in respect of financial support directions to those at sections 39A and 39B.

421.Paragraph 11 of the Schedule amends section 306 of the PA 2004 to provide that any direction issued by the Regulator under either section 39A(6) or 43A(3) overrides the scheme rules to the extent that there would otherwise be a conflict. Paragraph 13 provides that the powers to issue a direction under those sections are reserved regulatory functions of the Regulator.

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