Section 38 Treatment in winding up.I1

England, Wales and Scotland

F1(1)

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

(2)

In the case of an occupational pension scheme which is not a scheme to which F2this section applies, rights attributable (directly or indirectly) to a pension credit are to be accorded in a winding up the same treatment—

(a)

if they have come into payment, as the rights of a pensioner member, and

(b)

if they have not come into payment, as the rights of a deferred member.

F3(2A)

This section applies to an occupational pension scheme other than—

(a)

a money purchase scheme, or

(b)

a prescribed scheme or a scheme of a prescribed description.

(3)

Subsection (2) overrides the provisions of a scheme to the extent that it conflicts with them, and the scheme has effect with such modifications as may be required in consequence.

(4)

In subsection (2)—

(a)

“deferred member” and “pensioner member” have the same meanings as in Part I of the Pensions Act 1995,

(b)

“pension credit” includes a credit under Northern Ireland legislation corresponding to section 29(1)(b), and

(c)

references to rights attributable to a pension credit having come into payment are to the person to whom the rights belong having become entitled by virtue of the rights to the present payment of pension or other benefits.

Annotations

Textual amendments

F1: S. 38(1) repealed (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 13; S.I. 2005/695, art. 2(7), Sch. 1
F2: Words in s. 38(2) substituted (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 75(a); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1
F3: S. 38(2A) inserted (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 75(b); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1

Commencement

I1: S. 38 wholly in force at 1.12.2000; s. 38 in force for certain purposes at Royal Assent see s. 89(1); s. 38 in force at 1.12.2000 insofar as not already in force by S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

Notes on Part IV

Modifications

C1: Pts. I-IV modified (6.4.2006) by Pensions Act 2004 (c. 35), ss. 254(3)(c), 322(1) (with s. 313); S.I. 2006/560, art. 2(3), Sch. Pt. 3
C2: Pts. I-IV: power to modify conferred (6.4.2006) by Pensions Act 2004 (c. 35), ss. 321(1)(d), 322(1); S.I. 2006/560, art. 2(3), Sch. Pt. 3
C3: Pts. I-IV: power to modify conferred (26.11.2008) by Pensions Act 2008 (c. 30), ss. 146(2)(c), 149(2)

Notes on Chapter I

Modifications

C1: Pt. IV Ch. I power to apply (with modifications) conferred (1.1.2006) by Pensions Act 2004 (c. 35), ss. 220(2), 322(1) (with s. 313); S.I. 2005/3331, art. 2(3), Sch. Pt. 3
C2: Pt. IV Ch. I modified (1.8.2006) by The Pension Protection Fund (Pension Sharing) Regulations 2006 (S.I. 2006/1690), regs. 1(1), 2