Social Welfare and Pensions Act 2012

Amendment of section 41 of Principal Act.

26.— Section 41(2) of the Principal Act is amended by—

(a) substituting “Notwithstanding subsection (1) but subject to paragraph (aa)—” for “Notwithstanding subsection (1)—”, and

(b) inserting the following paragraph after paragraph (a):

“(aa) the provisions of this Part which relate to the funding standard reserve shall not apply to—

(i) a defined contribution scheme which is a regulatory own funds scheme, or

(ii) a small scheme of the type referred to in paragraph (b) of subsection (1) which is a regulatory own funds scheme,”.