Section 29 Prohibition on winding up except in accordance with continuity option 1C1C2C3C4I1I2
A person may only wind up a Master Trust scheme in accordance with continuity option 1 (see section 24).
Subsection (1) overrides any provision of a Master Trust scheme to the extent that there is a conflict.
But subsection (1) does not prevent a Master Trust scheme from being wound up in pursuance of an order under section 11 of the Pensions Act 1995 (power to wind up occupational pension schemes).
Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).
Annotations
Modifications
- C1
Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 27
- C2
Pt. 1 excluded (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 26
- C3
Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(2)
- C4
Pt. 1 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations2018 (S.I. 2018/1030), regs. 1(2), 28(3)(4)(a)(b)
Commencement
- I1
S. 29 in force at 5.9.2018 for specified purposes by S.I. 2018/965, reg. 2(a)
- I2
S. 29 in force at 1.10.2018 in so far as not already in force by S.I. 2018/965, reg. 2(b)
Notes on Part 1
Modifications
- C5
Pt. 1: power to disapply conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 47(3)(b), 131(1)(3)(a); S.I. 2022/721, reg. 3(a)