147 New schemes created to replace existing schemes
Pensions Act 2004 (2004 c 35) | Legislation

147  New schemes created to replace existing schemes

(1)     The Board must refuse to assume responsibility for a scheme (“the new scheme”) under this Chapter where it is satisfied that—

(a)     the new scheme was established during such period as may be prescribed,

(b)     the employer in relation to the new scheme was, at the date of establishment of that scheme, also the employer in relation to a scheme established before the new scheme (the “old scheme”),

(c)     a transfer or transfers of, or a transfer payment or transfer payments in respect of, any rights of members under the old scheme has or have been made to the

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