Regulation 15 Continuation of transitional arrangements for schemes that began winding up before 6th April 1997
Where a scheme that was a salary related contracted-out scheme began winding up before the principal appointed day—
(a)
regulation 40 (priorities on the winding-up of a scheme) of the Occupational Pension Schemes (Contracting-out) Regulations 1984 continues to have effect in relation to that scheme; and
(b)
the resources of the scheme must be sufficient to meet the liabilities specified in section 24(1)(c) of the 1993 Act (as it had effect on the day the scheme began winding up), such resources being calculated, determined and verified in a manner approved by the Commissioners.