Pension Schemes Act 2021
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Change 1
42 Prohibition on winding up except in accordance with continuity option 1
(1) A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36). (2) Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict. (3) Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).
42 Prohibition on winding up except in accordance with continuity option 1
(1) A person may wind up a collective money purchase scheme only in accordance with continuity option 1 (see section 36). (2) Subsection (1) overrides any provision of a collective money purchase scheme to the extent that there is a conflict. (3) Section 10 of the Pensions Act 1995 (civil penalties) applies to a person who fails to comply with subsection (1).
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