Section 42 Prohibition on winding up except in accordance with continuity option 1I1I2
(1)
A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36).
(2)
Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict.
(3)
Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).
Annotations
Commencement
- I1
S. 42 in force at Royal Assent for specified purposes, see s. 131(3)(a)
- I2
S. 42 in force at 1.8.2022 in so far as not already in force by S.I. 2022/721, reg. 3(a)