# The Financial Assistance Scheme Regulations 2005, Regulation 33: Transfer of residual assets to the Secretary of State where Part 7 does not apply


(1) This regulation applies where—
(a) Part 7 does not apply to a qualifying pension scheme because the liabilities to or in respect of all members and former members have been discharged;
(b) the trustees or managers continue to hold assets for the scheme;
(c) the trustees or managers have notified the scheme manager in writing that they wish to transfer the assets to the Secretary of State; and
(d) the scheme manager is satisfied that—
(i) either—
(aa) the cost of distributing the remaining assets to the members or former members of the scheme would be disproportionate; or
(bb) the distribution of the remaining assets would not be of overall benefit to the members or former members of the scheme;
(ii) the assets can be transferred to the Secretary of State; and
(iii) it is appropriate that the assets are transferred to the Secretary of State.
(2) Where this regulation applies, the trustees or managers of a qualifying pension scheme to which Part 7 does not apply may transfer the remaining assets to the Secretary of State at such time as the Secretary of State may decide.

---
Source: https://www.legislation.gov.uk/uksi/2005/1986/regulation/33 (the official version)
Page: https://openlegislation.uk/financial-assistance-scheme-regulations-2005/regulation-33
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.