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The Pensions Regulator’s winding-up powers—in practice
Published by a LexisNexis Pensions expert
Practice notesThe Pensions Regulator’s winding-up powers—in practice
Published by a LexisNexis Pensions expert
Practice notes
THIS PRACTICE NOTE ONLY APPLIES TO OCCUPATIONAL PENSION SCHEMES
This Practice Note looks at examples of:
- •
where the pensions regulator (the Regulator) has issued an order directing or authorising the winding-up of an occupational pension scheme under the Pensions Act 1995 (PA 1995), s 11(1) (a ‘section 11 order’) and the reasoning of the determinations panel of the Regulator for issuing the order in each case
- •
where the Determinations Panel has refused to issue a section 11 order
In practice, it should only rarely be necessary for the Regulator to exercise its powers to wind up a scheme, and the Regulator is unlikely to make a section 11 order without a compelling case being made to it. Alternatively, it may in exceptional circumstances be necessary to apply to the court for directions to wind up a scheme.
Powers to wind up schemes
Under section 11(1) of PA 1995, the Regulator may, by order, direct or authorise an occupational pension scheme to be wound up if it is satisfied that:
- •
the scheme, or any part
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Jurisdiction(s):
United Kingdom
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Q&As 1
Related legal acts:
Key definition:
Pensions Regulator definition
What does Pensions Regulator mean?
The Pensions Regulator was established under the Pensions Act 2004 to replace the dysfunctional OPRA in April 2005. Its main purposes are to: protect the benefits of members of company pension arrangements (whether trust or contract based); keep claims on the pension protection fund to a minimum; and facilitate good pension administration.
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