Section 98 Consequential amendmentsI1

In the Pensions Act 1995, in section 75 (deficiencies in the assets), after subsection (1A) insert—

“(1B)

In relation to a superfund scheme, section 61(2) of the Pension Schemes Act 2026 (sections treated as separate schemes) applies for the purposes of this section as it applies for the purposes of Part 3 of that Act.”

In the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (S.I. 1991/167), in regulation 12 (transfer of member’s accrued rights without consent), after paragraph (1) insert—

“(1ZA)

Where—

(a)

the transferring scheme is required to be wound up, or its winding up is required to continue, under section 154(1) of the Pensions Act 2004 (requirement to wind up schemes with sufficient assets to meet protected liabilities), and

(b)

the receiving scheme is a superfund scheme within the meaning of Part 3 of the Pension Schemes Act 2026 (see section 100 of that Act),

paragraph (1) of this regulation has effect as though for “the conditions set out in paragraphs (2) and (3) of this regulation are” there were substituted “the condition set out in paragraph (2) of this regulation is”.”

See also the Schedule, which contains amendments to the Pensions Act 2004 that (in some cases) are consequential on this Part.