Pensions Act 1995

[F172A Reports to Authority about winding-up.U.K.

(1)Where—

(a)an occupational pension scheme is being wound up, and

(b)the winding-up is one beginning at a time (whether before or after the passing of this Act) by reference to which regulations provide that it is to be a winding-up to which this section applies,

it shall be the duty of the trustees or managers, in accordance with this section, to make periodic reports in writing to the Authority about the progress of the winding-up.

(2)In the case of each winding-up, the first report to be made under this section shall be made—

(a)except in a case to which paragraph (b) applies—

(i)after the end of the prescribed period beginning with the day on which the winding-up began; and

(ii)before the end of the prescribed period that begins with the end of the period that applies for the purposes of sub-paragraph (i);

and

(b)in a case where the winding-up began before the coming into force of the regulations which (for the purposes of subsection (1)(b)) prescribe the time by reference to which the winding-up is one to which this section applies, before such date as may be prescribed by those regulations.

(3)Subject to subsection (4), each subsequent report made under this section in the case of a winding-up shall be made no more than twelve months after the date which (apart from any postponement under subsection (4)) was the latest date for the making of the previous report required to be made in the case of that winding-up.

(4)If, in the case of any report required to be made under subsection (3), the Authority consider (whether on an application made for the purpose or otherwise) that it would be appropriate to do so, they may, at any time before the latest time for the making of that report, postpone that latest time by such period as they think fit.

(5)The latest time for making a report shall not be postponed under subsection (4) by more than twelve months.

(6)Subject to the application of the limit specified in subsection (5) to the cumulative period of the postponements, more than one postponement may be made under subsection (4) in the case of the same report.

(7)A report under this section—

(a)must contain such information and statements as may be prescribed; and

(b)must be made in accordance with the prescribed requirements.

(8)Regulations may—

(a)provide that, in prescribed circumstances, there shall be no obligation to make a report that would otherwise fall to be made under this section;

(b)make provision for the period within which, and the manner in which, applications may be made for a postponement under subsection (4); and

(c)modify subsections (3) and (5) by substituting periods of different lengths for the periods for the time being specified in those subsections.

(9)If there is any failure by the trustees or managers of any scheme to comply with their duty to make a report in accordance with the requirements imposed by or under this section—

F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)section 10 applies (irrespective of the description of scheme involved) to any trustee or manager who has failed to take all such steps.]

Textual Amendments

F1S. 72A and cross-heading inserted (1.3.2002 for specified purposes, 1.4.2002 for specified purposes) by Child Support, Pensions and Social Security Act 2000 (c. 19), ss. 49(1), 86(1)(b)(2) (with s. 83(6)); S.I. 2002/437, art. 3(1)(b)-(d)(2)