Part 1

Special Resolution Regime

Incidental functions

Pensions
71
1
This section applies to—
a
share transfer orders,
b
share transfer instruments, and
c
property transfer 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.