Part 1

Special Resolution Regime
Chapter 3

Special resolution action

Incidental functions

Pensions
71
1
This section applies to—
za
mandatory reduction instruments,
a
share transfer orders,
b
share transfer instruments, ...
c
property transfer instruments, and
d
resolution instruments.
2
An order or instrument may make provision—
a
about the consequences of a transfer for a pension scheme;
b
about property, rights and liabilities of any pension scheme of the bank.
3
In particular, an order or instrument may—
a
modify any rights and liabilities;
b
apportion rights and liabilities;
c
transfer property of, or accrued rights in, one pension scheme to another (with or without consent).
4
Provision by virtue of this section may (but need not) amend the terms of a pension scheme.
5
A share or property transfer instrument may make provision in reliance on this section only with the consent of the Treasury.
6
In this section—
a
“pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities, and
b
a reference to a pension scheme of a bank is a reference to a scheme in respect of which the bank, or a group company of the bank, is or was an employer.
7
In subsection (6)(b) the reference to a group company of the bank is a reference to anything that is or was a group undertaking in relation to the bank within the meaning given by section 1161(5) of the Companies Act 2006.
S. 71 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
S. 71 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
Word in s. 71(1)(b) omitted (31.12.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 21(a); S.I. 2014/3160, art. 2(1)(b)
S. 71(1)(d) and preceding word inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 21(b); S.I. 2014/3160, art. 2(1)(b)
S. 71(1)(za) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 78
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7