Financial Measures (Miscellaneous Provisions) Act 2009

Effect of transfer order on assets of funds.

6.— (1) On the date of effect of a transfer order in relation to a covered pension fund, the assets of the fund are by virtue of this section transferred to the Reserve Fund, and thereafter form part of the assets of that Fund.

(2) On the date of effect of a transfer order in relation to a covered pension fund—

(a) any trust in relation to the assets of the fund is terminated,

(b) the trustees under any such trust cease to be trustees, and cease to be liable as trustees for anything done in relation to that fund on or after the date of effect,

(c) the relevant body ceases to be liable in relation to the fund for anything done on or after the date of effect, and

(d) the provisions of any trust deed, university statute, college statute or other instrument or instruments (other than provisions specified in the transfer order as setting out part of the relevant pension scheme) constituting the fund cease to have effect.

(3) If a trust deed in relation to a covered pension fund contains any provision to the effect that the relevant pension scheme ceases to operate on the termination of the trust, then the provision is of no effect to the extent that it so provides.