Citation, commencement, interpretation and application

1. —(1) These Regulations may be cited as the Occupational Pension Schemes (Winding Up) (Amendment) Regulations 2004 and shall come into force on 10th May 2004.

(2) In these Regulations—

(a) “the 1996 Regulations” means the Occupational Pension Schemes (Winding Up) Regulations 1996( 4 );

(b) “the transitional period” has the meaning given in regulation 3(2) of the 1996 Regulations;

(c) the time when a scheme begins to be wound up shall be determined in accordance with regulation 2 of the 1996 Regulations.

(3) The revocations made by regulation 2 and the amendments of the 1996 Regulations made by regulation 3 of these Regulations have effect only in relation to occupational pension schemes which begin to be wound up on or after the date on which these Regulations come into force and before the end of the transitional period.

Revocations

2. In relation to such schemes as are mentioned in regulation 1(3)—

(a) regulation 3(5) of the 1996 Regulations is hereby revoked;

(b) regulation 3(3) of the Pension Sharing (Consequential and Miscellaneous) Amendments Regulations 2000 is hereby revoked;

and accordingly section 73(3)(c) of the Pensions Act 1995 has effect as amended only by section 38(1) of the Welfare Reform and Pensions Act 1999( 5 ).

Amendment of the 1996 Regulations

3. In relation to such schemes as are mentioned in regulation 1(3), regulation 3 of the 1996 Regulations (modifications of section 73(3) of the Pensions Act 1995) is amended as follows—

(a) by substituting for paragraph (1)(b)—

“ (b) in the case of a scheme which begins to be wound up on or after 10 May 2004 and before the expiry of the transitional period, subject to the modifications in paragraphs (5A) to (6). ” ;

(b) by inserting the following paragraphs after paragraph (4)—

“ (5A) In paragraph (d) of section 73(3), for “(b) and (c)” there shall be substituted “(aa) and (b).”

(5B) After that paragraph there is inserted—

“ (e) any liability for increases to pensions referred to in paragraph (c). ” . ” ;

(c) by substituting for paragraph (6)—

“ (6) In the words following paragraph (e) of section 73(3) as inserted by paragraph (5B) for the words “paragraphs (b) to (d)” there shall be substituted the words “paragraphs (aa) to (e)”. ” ;

(d) by substituting for paragraph (8)—

“ (8) In the case of any scheme to which section 73(3) applies with the modifications mentioned in paragraphs (5A) to (6), regulation 7(3)(b)(iv) of the Occupational Pension Schemes (Transfer Values) Regulations 1996 ( 6 ) , has effect with the substitution for “(d)” of “(e)”. ” .