Schedules
Schedule 13Governance of gas and electricity industry codes: pensions
I12Participation in qualifying pension schemes and transfer of assets and rights
1
The GEMA may by regulations make such pensions provision as it considers appropriate in preparation for the granting of a code manager licence to a person in respect of a designated document.
2
“Pensions provision” means provision in connection with a qualifying pension scheme, including provision for—
a
enabling a person to participate in the scheme;
b
the division of the scheme into different sections;
c
the participation in the different sections of different persons;
d
the allocation of assets, rights, liabilities or obligations between the different sections;
e
the transfer of assets and qualifying accrued rights from the scheme to another pension scheme (whether or not a qualifying pension scheme), without the need for any approval or consent to the transfer;
f
the valuation of assets and qualifying accrued rights in accordance with provision made by the regulations, for the purposes of their allocation to a particular section or for the purposes of their transfer as mentioned in paragraph (e);
g
the discharge of liabilities in respect of qualifying accrued rights that are transferred.
3
Regulations under sub-paragraph (1) may have retrospective effect.
4
Before making regulations under sub-paragraph (1), the GEMA must consult—
a
the trustee of the qualifying pension scheme or schemes in question, and
b
the person who is the principal employer in relation to that scheme or those schemes.
5
The approval of the Secretary of State is required for the making of regulations under sub-paragraph (1).