The Principal Act is amended by inserting the following section after section 50A:

"Direction by Board to trustees to wind up scheme

50B.

(1) The Board may, subject to this section, by notice in writing direct the trustees of a relevant scheme (other than a regulatory own funds scheme) to wind up the scheme with effect from such date as is specified in the notice if -

(a) the trustees of the scheme fail to submit an actuarial funding certificate within the period specified in section 43,

(b) the actuarial funding certificate certifies that the scheme does not satisfy the funding standard and the trustees of the scheme have not submitted a funding proposal in accordance with section 49,

(c) the trustees of the scheme fail to submit a funding standard reserve certificate within the period specified in section 43,

(d) the funding standard reserve certificate certifies that the scheme does not satisfy the funding standard reserve and the trustees of the scheme have not submitted a funding proposal in accordance with section 49, or

(e) the trustees of the scheme have failed to comply with a direction under subsection (1) or (1A) of section 50 within the period specified in subsection (3) (a) (i) of that section.

(2) A direction under this section shall be in writing and may include directions to -