495. Powers to wind up schemes.

Subject to the following provisions, the Pensions Regulator1 may by order direct or authorise an occupational pension scheme2 to be wound up if it is satisfied that:

  1.  

    (1)     the scheme, or any part of it, ought to be replaced by a different scheme3;

  2.  

    (2)     the scheme is no longer required4; or

  3.  

    (3)     it is necessary in order to protect the interests of the generality of the members5 of the scheme that it be wound up6.

The Regulator may not make an order on either of the grounds referred to in head (1) or head (2) unless it is satisfied that

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