247. Grounds for applying modifications.

247.     Grounds for applying modifications.

The Pensions Regulator1 may, on an application made to it by the trustees of a registered pension scheme2 which is being wound up, make an order:

  1.  

    (1)     modifying3 the scheme for the purpose of enabling assets remaining after the liabilities of the scheme have been fully discharged to be distributed to the employer4; or

  2.  

    (2)     authorising the trustees to modify the scheme for that purpose5,

but may so act only if prescribed requirements in relation to the distribution are satisfied6.

Regulations7 may make provision requiring such applications to meet prescribed requirements8 and may provide