527. Transferee schemes.

Where:

  1.  

    (1)     the Pensions Regulator1 is of the opinion by reference to any time that the conditions2 for issuing a financial support direction are met in relation to a scheme ('the initial scheme') in relation to which the relevant statutory provisions apply (or, but for any transfer falling within head (2), would be met); and

  2.  

    (2)     the accrued rights3 of at least two persons who were members of the initial scheme are transferred4 at any subsequent time to one or more work-based pension schemes5,

the Regulator may issue a financial support direction in relation to any transferee scheme6.

The Regulator may