Section 67 Special provision for certain schemes coming out of assessment periodI1

England, Wales and Scotland Not yet in force

Where in relation to a superfund transfer the ceding scheme is required to be wound up, or its winding up is required to continue, under section 154(1) of the Pensions Act 2004 (pension protection: requirement to wind up schemes with sufficient assets to meet protected liabilities), section 66 (2) has effect as though—

(a)

paragraph (a) were omitted, and

(b)

for paragraph (b) there were substituted—

“(b)

that the superfund transfer—

(i)

will increase the proportion of the transferred liabilities likely to be satisfied, and

(ii)

will not lead to any member of the ceding scheme being worse off than they would be if the superfund transfer were not made;”.

Annotations

Commencement

I1: S. 67 not in force at Royal Assent, see s. 133(7)