Regulation 8 Winding Up

(1)

Each old scheme shall cease to have effect on the date when these Regulations come into force:

Provided that—

(a)

the proviso to paragraph (1) of regulation 5 shall apply in relation to this paragraph as it applies in relation to that paragraph; and

(b)

nothing in this paragraph shall affect the operation of paragraph (2) of regulation 5.

(2)

In respect of any old scheme having property and rights (other than only a right to receive any payments from the relevant Board or a life assurance policy) which are transferred to the Trustees under regulation 4, the Trustees shall cause accounts to be prepared (in the form normally used for the accounts of the old scheme) for the period beginning at the date to which the last audited accounts for the old scheme were made up and ending on the date when these Regulations come into force, accounting for all sums received and expended for the purposes of the old scheme during that period, and shall cause the said accounts to be audited by the auditor by whom the accounts of the old scheme were audited, or, if that person is unable or unwilling to act, by the auditor of the Pension Scheme:

Provided that if no audited accounts have previously been prepared for an old scheme the relevant person shall—

(a)

cause unaudited accounts to be prepared for the period from the date to which the latest accounts have been made up and ending on the date when these Regulations come into force; and

(b)

certify that to the best of his knowledge information and belief the information contained in those accounts is correct.