Amendment of the Pensions Act 2004 (Commencement No. 3, Transitional Provisions and Amendment) Order 20053
The Pensions Act 2004 (Commencement No. 3, Transitional Provisions and Amendment) Order 20052 shall be amended in accordance with the following paragraphs of this article—
a
after article 6 (savings), insert the following article—
6A
1
Notwithstanding the repeals of section 74 of the 1995 Act (discharge of liabilities by insurance, etc.) mentioned in Schedule 1, that section shall continue to have effect as it applied immediately before 6th April 2005 to any scheme which—
a
was regarded at that time by virtue of regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations 19963 (commencement of winding up) as having begun to be wound up for the purposes of those Regulations; or
b
in accordance with section 124(3A) to (3E) of the 1995 Act4 (interpretation: time at which the winding up of an occupational pension scheme shall be taken to begin) began to wind up before that date.
2
In paragraph (1), the reference to a scheme includes a reference to any section of a scheme to which section 74 of the 1995 Act applies as if it were a scheme by virtue of regulation 12 of those Regulations5 (winding up of sectionalised schemes etc.).
b
in Schedule 3 (provisions referred to in article 6 which are to continue to have effect as if they were in force immediately before their amendment or repeal by the Act), after the entry in the table relating to section 103—
i
in column 1, insert “Section 124(1)”; and
ii
in column 2, insert “Interpretation of Part 1”.