36 Continuity option 1: discharge of liabilities and winding up
Pension Schemes Act 2021 (2021 c 1) | Legislation

36  Continuity option 1: discharge of liabilities and winding up

(1)     Where the trustees of a collective money purchase scheme are required, or decide, to pursue continuity option 1, they must—

(a)     quantify, in the case of each beneficiary, the amount that represents the value of the beneficiary's accrued rights to benefits under the scheme;

(b)     formulate a proposal for discharging the scheme's liability to each beneficiary in respect of those rights, in one of the ways set out in subsection (2);

(c)     notify each employer and relevant former employer, and each beneficiary, of the proposal and of such other matters as may be specified in regulations made by the Secretary of State.

(2)     The ways of discharging the scheme's liability referred to in subsection (1)(b) are—

(a)     transferring the value of the beneficiaries' accrued rights to benefits under the scheme to a collective money purchase scheme or to a Master Trust scheme;

(b)     transferring the value of those rights, in such circumstances as may be specified in regulations made by the Secretary of State, to a pension scheme that has characteristics specified in the regulations;

(c)     securing, in such circumstances as may be specified in regulations made by the Secretary

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