PART 1Collective money purchase benefits
Definitions
5Schemes divided into sections
(1)
The Secretary of State may by regulations make provision about when a pension scheme is or is not divided into sections for the purposes of this Part.
(2)
The Secretary of State may by regulations provide that, where a collective money purchase scheme that is not divided into sections (an “undivided scheme”) becomes a collective money purchase scheme that is divided into sections, an authorisation previously granted in respect of the undivided scheme applies to any of those sections that—
(a)
is a collective money purchase scheme by reason of section 1(2)(b), and
(b)
satisfies conditions specified in the regulations.
(3)
For the purposes of this Part, where—
(a)
a qualifying scheme is divided into sections, and
(b)
each of those sections is a collective money purchase scheme by reason of section 1(2)(b),
the qualifying scheme (taken as a whole) is to be treated as if it were not a collective money purchase scheme.
(4)
Regulations under subsection (1) are subject to negative resolution procedure.
(5)
Regulations under subsection (2) are subject to affirmative resolution procedure.