The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014
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Change 1
37 Failure to comply with the requirements of section 37 or 76 of the 1995 Act: periods before the appointed day
(1) Where the conditions specified in paragraph (2) are met neither— (a) section 37 of the 1995 Act (payment of surplus to employer); nor (b) section 76 of that Act (excess assets on winding up), (as the case may be) apply in respect of a payment from scheme funds made to the employer in relation to the scheme. (2) The conditions specified in this paragraph are that— (a) the trustees of a trust scheme have exercised a power under the scheme rules to make a payment to the employer out of funds held for the purposes of the scheme and that payment was made to the employer before the appointed day; (b) at the time that the payment was made to the employer the scheme included— (i) cash balance benefits; or (ii) pensions derived from money purchase or cash balance benefits; (c) no benefits other than those specified in sub-paragraph (b), money purchase benefits and death benefits secured by insurance policies or annuity contracts; and (d) the trustees of the scheme treated the scheme as if it were a money purchase scheme and for that reason did not comply with the requirements— (i) for schemes not in winding up, of section 37 of the 1995 Act; or (ii) for schemes in winding up, of section 76 of that Act, before exercising the power to make a payment to the employer.
37 Failure to comply with the requirements of section 37 or 76 of the 1995 Act: periods before the appointed day
(1) Where the conditions specified in paragraph (2) are met neither— (a) section 37 of the 1995 Act (payment of surplus to employer); nor (b) section 76 of that Act (excess assets on winding up), (as the case may be) apply in respect of a payment from scheme funds made to the employer in relation to the scheme. (2) The conditions specified in this paragraph are that— (a) the trustees of a trust scheme have exercised a power under the scheme rules to make a payment to the employer out of funds held for the purposes of the scheme and that payment was made to the employer before the appointed day; (b) at the time that the payment was made to the employer the scheme included— (i) cash balance benefits; or (ii) pensions derived from money purchase or cash balance benefits; (c) no benefits other than those specified in sub-paragraph (b), money purchase benefits and death benefits secured by insurance policies or annuity contracts; and (d) the trustees of the scheme treated the scheme as if it were a money purchase scheme and for that reason did not comply with the requirements— (i) for schemes not in winding up, of section 37 of the 1995 Act; or (ii) for schemes in winding up, of section 76 of that Act, before exercising the power to make a payment to the employer.
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