23 Freezing orders
Pensions Act 2004 (2004 c 35) | Legislation

23  Freezing orders

(1)     This section applies to an occupational pension scheme which is not a money purchase scheme.

(2)     The Regulator may make a freezing order in relation to such a scheme if and only if—

(a)     the order is made pending consideration being given to the making of an order in relation to the scheme under section 11(1)(c) of the Pensions Act 1995 (c 26) (power to wind up schemes where necessary to protect the generality of members), and

(b)     the Regulator is satisfied that—

(i)     there is, or is likely to be if the order is not made, an immediate risk to the interests of members under the scheme or the assets of the scheme, and

(ii)     it is necessary to make the freezing order to protect the interests of the generality of the members of the scheme.

But no freezing order may be made in relation to a scheme during an assessment period (within the meaning of section 132) in relation to the scheme (see section 135(11)).

(3)     A freezing order is an order directing that during the period for which it has effect—

(a)     no benefits are to accrue under the scheme rules

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