SCHEDULES
SCHEDULE 12 Consequential amendments
Part I Amendments consequential on Parts III and IV
Pensions Act 1995 (c.26)
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1
Section 38 is amended as follows.
2
In subsection (1), for the words from “that the scheme” to the end there is substituted—
a
that the scheme is not for the time being to be wound up but that no new members are to be admitted to it, or
b
that the scheme is not for the time being to be wound up but that no new members, except pension credit members, are to be admitted to it.
3
In subsection (2), the words from “but” to the end are omitted.
4
After that subsection there is inserted—
2A
Subsection (2) does not authorise the trustees to determine—
a
where there are accrued rights or pension credit rights to any benefit, that the benefit is not to be increased, or
b
where the power conferred by that subsection is exercisable by virtue of a determination under subsection (1)(b), that members of the scheme may not acquire pension credit rights under it.