Part 1: Master Trusts Chapter 5: Triggering events: continuity Section 29: Prohibition on winding up except in accordance with continuity option 1
This section creates a new requirement that Master Trust can only be wound up in accordance with continuity option 1 (section 24). The effect of subsection (2) is to override any provisions of the Master Trust to the extent there is a conflict with this requirement.
	The Pensions Regulator may still by order direct the scheme to wind up under section 11 of the Pensions Act 1995 (subsection (3)).
	Subsection (4) provides that where a person fails to comply with subsection (1) in this section a penalty under section 10 of the Pensions Act 1995 applies.