New Clause 15 - Closed schemes: further assessment periods

Pensions Bill – in a Public Bill Committee at 9:30 am on 27th April 2004.

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No. NC15, to move the following Clause:—

'(1) This section applies where—

(a) an application is made under subsection (1) of section [applications and notifications where closed schemes have insufficient assets] in relation to a closed scheme, or

(b) the trustees or managers of the scheme receive a notice under subsection (4) of that section.

(2) An assessment period —

(a) begins when the application is made or the notice is received by the trustees or managers of the scheme, and

(b) ends when—

(i) the trustees or managers receive a transfer notice under section 122, or

(ii) the conditions in section 119(5) (closed scheme with sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,

whichever first occurs.

(3) In this section ''closed scheme'' has the same meaning as in section [treatment of closed schemes required to wind up].'.—[Malcolm Wicks.]

Brought up, read the First and Second time, and added to the Bill.