Paragraph 17 The Occupational Pension Schemes (Winding Up) Regulations 1996

In regulation 12 of the Occupational Pension Schemes (Winding Up) Regulations 1996 M1 for paragraphs (1) and (2) substitute—

“(1)

Where section 56 applies to a scheme as if different parts of the scheme were separate schemes and a part of such a scheme is being wound up (whether or not any other parts are being wound up), sections 73 and 74 shall also so apply—

(a)

taking references in those sections to the assets of the scheme as references only to those assets treated for the purposes of section 56 as assets of that part; and

(b)

taking references in those sections to the liabilities of the scheme or any particular description of liabilities as references only to such liabilities of the scheme or, as the case may be, of that description, as are treated for the purposes of section 56 as liabilities of that part.”.