Part 1: Collective Money Purchase Benefits Triggering events and continuity options Section 42: Prohibition on winding up except in accordance with continuity option 1
This section provides that a collective money purchase scheme can only be wound up in accordance with continuity option 1.
	Subsection (2) provides that this section overrides any provisions of the scheme to the extent there is a conflict.
	Subsection (3) provides that where a person fails to comply with this section, a financial penalty under section 10 of the Pensions Act 1995 applies.