Article 14 The winding up condition

(1)

The winding up condition is met if F1the first or second condition is met. —

F2(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(1A)

The first condition is met if—

(a)

a pension scheme (“the original pension scheme”) is being wound up,

(b)

the original pension scheme is within any of paragraphs (a) to (d) of paragraph 1(1) of Schedule 36 (deemed registration of existing schemes), and

(c)

condition A, B or C is met as set out in paragraphs (2), (3) and (4).

(1B)

The second condition is met if—

(a)

a registered pension scheme which is not within any of the paragraphs 1(1)(a) to (d) of paragraph 1(1) of Schedule 36 is being wound up, and

(b)

immediately before the commencement of the winding up, an individual member of that registered pension scheme has rights which are protected under paragraph 22 or 31 of Schedule 36 (or under both of those paragraphs).

(2)

Condition A is that—

(a)

the winding up commences before 6th April 2006, and

(b)

immediately before the commencement of the winding up, an individual member of the original pension scheme would have had rights which were protected under paragraph 22 or 31 of Schedule 36 (or under both those paragraphs) if the winding up had commenced on or after 6th April 2006.

(3)

Condition B is that—

(a)

the winding up commences before 6th April 2006,

(b)

an individual becomes a member of the original pension scheme after the commencement of the winding up but before 6th April 2006, and

(c)

on becoming a member of the original pension scheme, the individual would have had rights which were protected under paragraph 22 or 31 of Schedule 36 (or under both those paragraphs) if the winding up had commenced on or after 6th April 2006.

(4)

Condition C is that—

(a)

the winding up commences on or after 6th April 2006, and

(b)

immediately before the commencement of the winding up, an individual member of the original pension scheme has rights which are protected under paragraph 22 or 31 M1 of Schedule 36 (or under both those paragraphs).

Annotations

Textual amendments

F1: Words in art. 14(1) inserted (6.4.2006) by The Pension Schemes (Transfers, Reorganisations and Winding Up) (Transitional Provisions) (Amendment) Order 2010 (S.I. 2010/529), arts. 1, 4(2)(a)
F2: Art. 14(1)(a)(b)(c) omitted (6.4.2006) by virtue of The Pension Schemes (Transfers, Reorganisations and Winding Up) (Transitional Provisions) (Amendment) Order 2010 (S.I. 2010/529), arts. 1, 4(2)(b)
F3: Art. 14(1A)(1B) inserted (6.4.2006) by The Pension Schemes (Transfers, Reorganisations and Winding Up) (Transitional Provisions) (Amendment) Order 2010 (S.I. 2010/529), arts. 1, 4(3)

Marginal citations

M1: Paragraph 31 of Schedule 36 was amended by paragraph 55(6) of Schedule 10 to the Finance Act 2005 with effect from 6th April 2006.