{
  "url": "https://openlegislation.uk/draft-occupational-pension-schemes-collective-money-purchase-schemes-regulations-2022/schedule-6/paragraph-7",
  "json_url": "https://openlegislation.uk/draft-occupational-pension-schemes-collective-money-purchase-schemes-regulations-2022/schedule-6/paragraph-7.json",
  "legislation": "ukdsi/2022/9780348231182",
  "legislation_title": "The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/draft-occupational-pension-schemes-collective-money-purchase-schemes-regulations-2022",
  "path": "schedule/6/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": null,
  "text": "(1) Where a person was a pensioner beneficiary of the scheme immediately prior to the beginning of the winding-up period, or would have become a pensioner beneficiary of the scheme during the winding-up period but for the provisions of this Schedule, the trustees must pay that person a periodic income under and in accordance with this paragraph.\n(2) A payment of periodic income by a scheme under this paragraph is not a payment of benefits (including pension) under the scheme.\n(3) The periodic income is payable to a person who was a pensioner beneficiary of the scheme immediately prior to the beginning of the winding–up period during the period beginning with the date of the winding-up commencement time and continuing until the earlier of the date of the discharge time in relation to that person or the date that person would otherwise have ceased to be a pensioner beneficiary.\n(4) The periodic income is payable to a person who would have become a pensioner beneficiary of the scheme during the winding-up period but for the provisions of this Schedule during the period beginning with the date that person would have become a pensioner beneficiary and continuing until the earlier of the date of the discharge time in relation to that person or the date that person would otherwise have ceased to be a pensioner beneficiary.\n(5) In the case of a person who was a pensioner beneficiary immediately prior to the beginning of the winding-up period, payments of periodic income before the initial quantification has been carried out must be made—\n(a) on the same date that a payment of pension would have been due to be made to that person had the winding-up of the scheme not commenced; and\n(b) at the same rate or amount as the last payment of pension made to that person before the beginning of the winding-up period.\n(6) In the case of a person who would have become a pensioner beneficiary of the scheme during the winding-up period but for the provisions of this Schedule, payments of periodic income before the initial quantification has been carried out must—\n(a) be made on the same date that a payment of pension would have been due to be made to that person had the winding-up of the scheme not commenced; and\n(b) be calculated by reference to the last actuarial valuation carried out before the beginning of the winding-up period.\n(7) After the initial quantification has been carried out, the amount or rate of the periodic income payable to a person must—\n(a) be calculated by reference to the amount that represents the value of the person’s accrued rights to benefits under the scheme;\n(b) until the winding-up quantification has been carried out, be calculated and paid on the basis of the initial estimate;\n(c) after the winding-up quantification has been carried out, be calculated and paid on the basis of the latest of the winding-up quantification or any subsequent quantification;\n(d) be adjusted from time to time to take account of any subsequent quantification carried out up to and including the penultimate quantification.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2022/9780348231182/schedule/6/paragraph/7",
    "retrieved_at": "2026-10-30T14:46:05.632010+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}