New Clause 11 - Treatment of closed schemes required to wind up

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

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No. NC11, to move the following Clause:—

'(1) In this section ''closed scheme'' means an eligible scheme which is authorised under section [schemes required to wind up but unable to buy out liabilities] to continue as a closed scheme.

(2) The provisions mentioned in subsection (3) apply in relation to a closed scheme at any time when the trustees or managers of the scheme are required to wind up or continue winding up the scheme under section 119 as if that time fell within an assessment period in relation to the scheme.

(3) The provisions are—

(a) section 105 (admission of new members, payment of contributions etc);

(b) section 106 (directions);

(c) section 109 (Board to act as creditor of the employer).

(4) Section 105, as it applies by virtue of subsection (2), does not preclude the admission to a closed scheme of new pension credit members (within the meaning of section 124(1) of the Pensions Act 1995).'.—[Malcolm Wicks.]

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