Regulation 3 Amendment of the Winding Up Regulations

in paragraph (1) for sub-paragraph (b) there shall be substituted the following sub-paragraph –

“(b)

in the case of a scheme which begins to be wound up on or after 10th May 2004 and before the expiry of the transitional period, subject to the modifications in paragraphs (5A) to (6);”;

after paragraph (4) there shall be inserted the following paragraph –

“(5A)

In sub-paragraph (d) of Article 73(3) for “(b) and (c)” there shall be substituted “(aa) and (b)”.

(5B)

After that sub-paragraph there shall be inserted –

“(e)

any liability for increases to pensions referred to in sub-paragraph (c),”.”;

for paragraph (6) there shall be substituted the following paragraph –

“(6)

In the words following sub-paragraph (e) of Article 73(3) (as inserted by paragraph (5B)) for “sub-paragraphs (b) to (d)” there shall be substituted “sub-paragraphs (aa) to (e)”.”;

for paragraph (8) there shall be substituted the following paragraph –

“(8)

In the case of any scheme to which Article 73(3) applies with the modifications mentioned in paragraphs (5A) to (6), regulation 7(3)(b)(iv) of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996^f2 has effect with the substitution for “(d)” of “(e)”.”.