250 Payment of surplus to employer
Pensions Act 2004 (2004 c 35) | Legislation

Payment of surplus to employer

250  Payment of surplus to employer

For section 37 of the Pensions Act 1995 (payment of surplus to employer) substitute—

37 “Payment of surplus to employer

(1)     This section applies to a trust scheme if—

(a)     apart from this section power is conferred on the employer or any other person to make payments to the employer out of funds held for the purposes of the scheme, and

(b)     the scheme is not being wound up.

(2)     Where the power referred to in subsection (1)(a) is conferred by the scheme on a person other than the trustees—

(a)     it cannot be exercised by that person but may instead be exercised by the trustees, and

(b)     any restriction imposed by the scheme on the exercise of the power shall, so far as capable of doing so, apply

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