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Change 1
As published
76 Excess assets on winding up.
(1) This section applies to a trust scheme in any circumstances if—
(a) it is a registered pension scheme under section 153 of the Finance Act 2004,
(b) the scheme is being wound up, and
(c) in those circumstances power is conferred on the employer or the trustees to distribute assets to the employer on a winding up.
(2) The power referred to in subsection (1)(c) cannot be exercised unless the requirements of subsections (3) and (in prescribed circumstances) (4), and any prescribed requirements, are satisfied.
(3) The requirements of this subsection are that—
(a) the liabilities of the scheme have been fully discharged,
(b) where there is any power under the scheme, after the discharge of those liabilities, to distribute assets to any person other than the employer, the power has been exercised or a decision has been made not to exercise it,
(c) ... and
(d) notice has been given in accordance with prescribed requirements to the members of the scheme of the proposal to exercise the power.
(4) The requirements of this subsection are that the Authority are of the opinion that—
(a) any requirements prescribed by virtue of subsection (2) are satisfied, and
(b) the requirements of subsection (3) are satisfied.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) If, where this section applies to any trust scheme, the trustees purport to exercise the power referred to in subsection (1)(c) without complying with the requirements of this section, section 10 applies to any of them who have failed to take all such steps as are reasonable to secure compliance.
(7) If, where this section applies to any trust scheme, any person other than the trustees purports to exercise the power referred to in subsection (1)(c) without complying with the requirements of this section, section 10 applies to him.
(8) Regulations may provide that this section does not apply, or applies with prescribed modifications, in prescribed circumstances or to schemes of a prescribed description.
Your change, as a redline
76 Excess assets on winding up.
(1) This section applies to a trust scheme in any circumstances if—
(a) it is a registered pension scheme under section 153 of the Finance Act 2004,
(b) the scheme is being wound up, and
(c) in those circumstances power is conferred on the employer or the trustees to distribute assets to the employer on a winding up.
(2) The power referred to in subsection (1)(c) cannot be exercised unless the requirements of subsections (3) and (in prescribed circumstances) (4), and any prescribed requirements, are satisfied.
(3) The requirements of this subsection are that—
(a) the liabilities of the scheme have been fully discharged,
(b) where there is any power under the scheme, after the discharge of those liabilities, to distribute assets to any person other than the employer, the power has been exercised or a decision has been made not to exercise it,
(c) ... and
(d) notice has been given in accordance with prescribed requirements to the members of the scheme of the proposal to exercise the power.
(4) The requirements of this subsection are that the Authority are of the opinion that—
(a) any requirements prescribed by virtue of subsection (2) are satisfied, and
(b) the requirements of subsection (3) are satisfied.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) If, where this section applies to any trust scheme, the trustees purport to exercise the power referred to in subsection (1)(c) without complying with the requirements of this section, section 10 applies to any of them who have failed to take all such steps as are reasonable to secure compliance.
(7) If, where this section applies to any trust scheme, any person other than the trustees purports to exercise the power referred to in subsection (1)(c) without complying with the requirements of this section, section 10 applies to him.
(8) Regulations may provide that this section does not apply, or applies with prescribed modifications, in prescribed circumstances or to schemes of a prescribed description.
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