The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025
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Change 1
77 Amendment of Schedule 6: continuity option 1 - transfer out and winding up
In Schedule 6 (continuity option 1: transfer out and winding up)— (a) in paragraph 1(1)— (i) in the definition of “final quantification”, for “means the final quantification” substitute “means the quantification”; (ii) in the definition of “initial quantification”, for “means the initial quantification” substitute “means the quantification”; (b) in paragraph 5(1), for “The quantification of the value of each beneficiary’s accrued rights to benefits under the scheme” substitute “Quantification”; (c) in paragraph 7(7)(b), for “initial estimate” substitute “initial quantification”; (d) in paragraph 9(1), for “was a collective money purchase scheme” substitute “was a single or connected employer scheme”; (e) in paragraph 12(2)(c)— (i) after “whether” insert “the scheme’s liability to the beneficiary in respect of”; (ii) for “are discharged” substitute “is discharged”; (f) in paragraph 14— (i) for sub-paragraph (2)(b)— (b) transferring the value of those rights to a scheme which is— (i) registered under Chapter 2 of Part 4 of the Finance Act 2004 (registration of pension schemes), and (ii) a personal pension scheme within the meaning given in section 1(1) of the Pension Schemes Act 1993 (categories of pension schemes) or an occupational pension scheme; ; (ii) in sub-paragraph (4)(b), for “paragraph 15” substitute “paragraph 17(1)”; (g) in paragraph 18(5), for “a continuity strategy to the Regulator” substitute “a strategy to the Regulator under section 12 of the Pension Schemes Act 2017 (continuity strategy requirement)”.
77 Amendment of Schedule 6: continuity option 1 - transfer out and winding up
In Schedule 6 (continuity option 1: transfer out and winding up)— (a) in paragraph 1(1)— (i) in the definition of “final quantification”, for “means the final quantification” substitute “means the quantification”; (ii) in the definition of “initial quantification”, for “means the initial quantification” substitute “means the quantification”; (b) in paragraph 5(1), for “The quantification of the value of each beneficiary’s accrued rights to benefits under the scheme” substitute “Quantification”; (c) in paragraph 7(7)(b), for “initial estimate” substitute “initial quantification”; (d) in paragraph 9(1), for “was a collective money purchase scheme” substitute “was a single or connected employer scheme”; (e) in paragraph 12(2)(c)— (i) after “whether” insert “the scheme’s liability to the beneficiary in respect of”; (ii) for “are discharged” substitute “is discharged”; (f) in paragraph 14— (i) for sub-paragraph (2)(b)— (b) transferring the value of those rights to a scheme which is— (i) registered under Chapter 2 of Part 4 of the Finance Act 2004 (registration of pension schemes), and (ii) a personal pension scheme within the meaning given in section 1(1) of the Pension Schemes Act 1993 (categories of pension schemes) or an occupational pension scheme; ; (ii) in sub-paragraph (4)(b), for “paragraph 15” substitute “paragraph 17(1)”; (g) in paragraph 18(5), for “a continuity strategy to the Regulator” substitute “a strategy to the Regulator under section 12 of the Pension Schemes Act 2017 (continuity strategy requirement)”.
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