Subject to the following provisions1, the Pensions Regulator2 has power, at any time after the winding up of an occupational pension scheme has begun3, to give directions if it considers that the giving of the direction is appropriate on any of the grounds set out below4.
Those grounds are:
(1) that the trustees or managers5 of the scheme are not taking all the steps in connection with the winding up that the Regulator considers would be being taken if the trustees or managers were acting reasonably6;
(2) that steps being taken by the trustees or managers for the purposes of
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