Regulation 10 Amendment of Part 3 – qualifying pension schemes

After regulation 14 insert—

“Working with qualifying pension schemes

14A.

(1)

The scheme manager may manage, or make arrangements in relation to the management of, the transfer of any property, rights and liabilities of qualifying pension schemes which have not been fully wound up.

(2)

The power conferred by paragraph (1) includes, but is not limited to—

(a)

the preparation of plans or other similar preparatory documentation;

(b)

undertaking work calculated to assist in ensuring any transfer is carried out effectively and efficiently;

(c)

undertaking work to assess the effect of any action taken in relation to qualifying pension schemes; and

(d)

the inspection, examination and auditing of data or other information relating to qualifying pension schemes.

Payments in relation to administration or other costs

14B.

(1)

Where the scheme manager is satisfied that—

(a)

the trustees or managers of a qualifying pension scheme are not able to pay or meet administration or other costs which have been incurred or which are likely to be incurred in relation to that scheme from the assets of the scheme; and

(b)

paying or meeting those administration or other costs is necessary in order to—

(i)

assist the scheme in winding-up;

(ii)

keep any reduction in the scheme’s assets to a minimum; or

(iii)

increase the scheme’s assets,

the scheme manager may, on an application by the trustees or managers, pay to them such amounts as it considers appropriate for the purpose of enabling the trustees or managers to pay or meet those costs.

(2)

The scheme manager may make a payment under paragraph (1) on such terms as the scheme manager thinks fit.”.