Regulation 19 Application of Article 75 of the 1995 Order to schemes treated as money purchase schemes: periods before the appointed day

(1)

Where, on the appointed day, the conditions specified in paragraph (2) are met in relation to an occupational pension scheme, Article 75 of the 1995 Order (deficiencies in the assets) does not apply to the scheme in relation to any time before the appointed day.

(2)

The conditions specified in this paragraph are that, if this regulation did not apply—

(a)

a debt would be due to the trustees or managers of the scheme from an employer in relation to the scheme in accordance with Article 75 of the 1995 Order in relation to a time before the appointed day;

(b)

at that time—

(i)

benefits under the scheme included cash balance benefits or pensions derived from money purchase or cash balance benefits;

(ii)

the scheme did not include any benefits other than those specified in paragraph (i), death benefits or money purchase benefits;

(iii)

the trustees or managers of the scheme treated the scheme as a money purchase scheme, and

(iv)

for that reason, the trustees or managers treated the scheme as if Article 75 of the 1995 Order did not apply to it.