{
  "url": "https://openlegislation.uk/pension-schemes-act-2026/section-66",
  "json_url": "https://openlegislation.uk/pension-schemes-act-2026/section-66.json",
  "legislation": "ukpga/2026/22",
  "legislation_title": "Pension Schemes Act 2026",
  "legislation_url": "https://openlegislation.uk/pension-schemes-act-2026",
  "path": "section/66",
  "kind": "section",
  "number": "66",
  "heading": "Approval of superfund transfers",
  "text": "(1) The Regulator may approve a superfund transfer if—\n(a) the receiving superfund is authorised,\n(b) the ceding scheme does not have any active members, and\n(c) the Regulator is satisfied, based on evidence provided by the trustees of the ceding scheme and by the responsible body of the receiving superfund, that each of the onboarding conditions is met in relation to the transfer.\n(2) For the purposes of this Part, “the onboarding conditions” in relation to a superfund transfer are—\n(a) that, as at the date of the application, the financial position of the ceding scheme is not strong enough to enable the trustees to arrange an insurer buyout;\n(b) that the superfund transfer will make it more likely that the transferred liabilities will be satisfied in full;\n(c) that it is reasonable to expect that the capital adequacy threshold will be met in relation to the receiving superfund immediately following the superfund transfer;\n(d) that it is reasonable to expect that the technical provisions threshold will be met in relation to the receiving superfund at the end of the period specified in regulations made by the Secretary of State;\n(e) that the receiving superfund is likely to comply with the requirements of Chapters 4 and 5 (ongoing requirements of superfunds) after the superfund transfer takes place.\n(3) Approval under this section may be given subject to conditions, including as to—\n(a) the superfund transfer being made on terms of a specified description;\n(b) the superfund transfer being made within a period of a specified description;\n(c) any of the onboarding conditions continuing to be met for a period of a specified description after approval is given but before the superfund transfer is made.\n(4) The Secretary of State may by regulations amend this section for the purpose of substituting another condition relating to the financial position of the ceding scheme for the onboarding condition for the time being in subsection (2)(a).\n(5) The Secretary of State may by regulations make provision about the onboarding conditions, including provision about—\n(a) the information and evidence that the trustees of the ceding scheme and the responsible body of the receiving superfund must provide for the purpose of satisfying the Regulator that an onboarding condition is met;\n(b) how the Regulator is to assess whether an onboarding condition is met;\n(c) the conditions that may or must be imposed under subsection (3).\n(6) The Secretary of State may by regulations modify subsection (2) in its application to a superfund transfer of a kind described in section 61(3) (merger of sections etc).\n(7) In relation to a superfund transfer—\n“the ceding scheme” means the scheme from which the transferred liabilities are transferred (or intended to be transferred);\n“the receiving superfund” means the superfund that includes the superfund scheme to which the transferred liabilities are transferred (or intended to be transferred);\n“the transferred liabilities” means the liabilities that are transferred (or intended to be transferred).\n(8) In subsection (1), “active members” has the same meaning as in Part 1 of the Pensions Act 1995 (see section 124 of that Act).\n(9) Regulations under subsection (2)(d) are subject to the negative procedure.\n(10) Regulations under subsection (4) or (5) are subject to the affirmative procedure.\n(11) Regulations under subsection (6) are subject to the negative procedure.\n(12) See also section 67 (which makes special provision in relation to schemes that are being wound up in particular circumstances).",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "S. 66 in force at Royal Assent for specified purposes, see s. 133(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2026/22/section/66",
    "retrieved_at": "2026-10-29T08:41:23.531539+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}