Section 159 — Pensions Act 2004: Closed schemes: further assessment periods

Closed schemes: further assessment periods 159 1 Subsection (3) applies where—

a an application is made under subsection (1) of section 157 in relation to a closed scheme, or b the trustees or managers of the scheme receive a notice under subsection (4) of that section.

2 For the purposes of subsection (1) an application under subsection (1) of section 157, or notification under subsection (4) of that section, is to be disregarded if it is made or given during an assessment period (see section 132 and this section) in relation to the scheme which began before the application was made or notification was given.

3 An assessment period—

a begins when the application is made or the notice is received by the trustees or managers of the scheme, and b ends when—

i the trustees or managers receive a transfer notice under section 160, or ii the conditions in section 154(5) (closed scheme with sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme, whichever first occurs.

4 In this section “ closed scheme ” has the same meaning as in section 155.