Winding up an occupational pension scheme—the Pensions Regulator’s powers
Produced in partnership with Wyn Derbyshire of gunnercooke LLP
Winding up an occupational pension scheme—the Pensions Regulator’s powers

The following Pensions practice note produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:

  • Winding up an occupational pension scheme—the Pensions Regulator’s powers
  • Powers to wind up schemes (section 11 orders)
  • Special circumstances relating to the manner and timing of winding up under a section 11 order
  • Modification orders to enable distribution of surplus assets on scheme wind-up (section 69 orders)
  • Section 69 orders in practice
  • Modification orders to ensure proper wind-up of scheme (section 71A orders)
  • Circumstances in which a section 71A order can be given
  • Application for a section 71A order
  • Notice of application for a section 71A order
  • Directions to facilitate winding-up (section 72B directions)
  • More...

The Pensions Regulator has a number of powers under the Pensions Act 1995 (PA 1995) in relation to the winding up of occupational pension schemes. These include:

  1. the power to wind up schemes (under the PA 1995, s 11)

  2. the power to issue a modification order to enable the distribution of surplus assets on winding up (under the PA 1995, s 69)

  3. the power to issue a modification order with a view to ensuring that a scheme is properly wound up (under the PA 1995, s 71A)

  4. the power to give a direction to facilitate winding up (under the PA 1995, s 72B)

Powers to wind up schemes (section 11 orders)

Under section 11 of the PA 1995, the Pensions Regulator may, by order (a ‘section 11 order’), direct or authorise an occupational pension scheme to be wound up if it is satisfied that:

  1. the scheme, or any part of it, ought to be replaced by a different scheme (under the PA 1995, s 11(1)(a))

  2. the scheme is no longer required (under the PA 1995, s 11(1)(b)), or

  3. it is necessary in order to protect the interests of the generality of the members of the scheme that it be wound up (under the PA 1995, s 11(1)(c))

However, under s 11(2) of the PA 1995, the Pensions Regulator may not make such an order under the first

Related documents:

Popular documents