(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) 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
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