# Pension Schemes Act 2021, Section 42: Prohibition on winding up except in accordance with continuity option 1


(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).

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Source: https://www.legislation.gov.uk/ukpga/2021/1/section/42 (the official version)
Page: https://openlegislation.uk/pension-schemes-act-2021/section-42
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.