594. Closed schemes.

The following provisions1 apply where a scheme failure notice has been issued in relation to an eligible scheme2 and rescue is not possible but the scheme has sufficient assets to meet the protected liabilities3. If the trustees or managers4 of the scheme are unable to obtain a full buy-out quotation5, they must, within the authorised period, apply to the Board of the Pension Protection Fund6 for authority to continue as a closed scheme7. For the purposes of determining whether they must make an application8, the trustees or managers of the scheme must take all reasonable steps to obtain a