Occupational Pension Schemes (Winding Up) Regulations 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/3126 |
| Year | 1996 |
(1) These Regulations may be cited as the Occupational Pension Schemes (Winding Up) Regulations 1996 and shall come into force on 6th April 1997.(2) These Regulations do not apply to any scheme which has begun to be wound up before that date.expressions used in these Regulations have the same meaning as if they were used in Part I of the Pensions Act 1995; andin these Regulations any reference to a section is a reference to a section of that Act.(4) In these Regulations—
(5) References in these Regulations to FRC standards are to actuarial standards adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited, which are relevant to the determination, calculation and verification of the amount or value of the liabilities of the scheme to which section 73 applies.if in accordance with section 124(3A) to (3E) the scheme began to wind up before 6th April 2005; orif immediately before that date the scheme was treated by virtue of this regulation as having begun to be wound up for those purposes.(1A) See section 124(3A) to (3E) for the time when a scheme begins to wind up in any other case.at such time as the rules provide that it does so, orif the rules make no provision as to that time, at such time as the trustees determine that the scheme shall begin to be wound up; oras soon as there are no members who are in pensionable service under the scheme,(3) Where the rules of the scheme require or permit the scheme to be wound up, but the trustees determine in pursuance of section 38 or otherwise that the scheme is not for the time being to be wound up, then for the purposes of paragraph (2) , in so far as any provision made by the rules of the scheme as to the time when it begins to be wound up is inconsistent with the trustees’ determination, that provision shall be disregarded.(4) Where under the rules of the scheme any person other than the trustees may determine that the scheme is to be wound up, or is not to be wound up for the time being, then the references in paragraphs (2) (a) (ii) and (3) to the trustees’ determination shall be taken, in a case where the winding up begins or is deferred by virtue of that other person’s determination, as a reference to his determination; and this paragraph applies where such a power is vested in the trustees jointly with another person, or in some but not all of the trustees, as it applies where such a power is vested only in a person other than the trustees.of an order of the Authority under section 11, orof an order of a court; andthe order makes provision as to the time at which the scheme is to begin to be wound up,in all cases subject to the modifications mentioned in paragraphs (3) and (4) ;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(3) After paragraph (a) of section 73(3) there shall be inserted—“ in a case not falling within paragraph (aa) , ” ; andfor the words “to dependants" there shall be substituted the words “ in respect ” .( 5 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(5A) In paragraph (d) of section 73(3) , for “(b) and (c) ” there shall be substituted “(aa) and (b) .”(5B) After that paragraph there is inserted—
- (aa) where—
- (i) the trustees or managers of the scheme are entitled to benefits under a contract of insurance which was entered into before 6th April 1997 with a view to securing the whole or part of the scheme’s liability for any pension or other benefit payable in respect of one particular person whose entitlement to payment of a pension or other benefit has arisen and for any benefit which will be payable in respect of that person on his death, and
- (ii) either that contract may not be surrendered or the amount payable on surrender does not exceed the liability secured by the contract (but excluding liability for increases to pensions) , the liability so secured
- (e) any liability for increases to pensions referred to in paragraph (c) .
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