261. Deficiencies in the assets.

The following provisions apply to an occupational pension scheme1 other than: (1) a scheme which is a money purchase scheme2; or (2) a prescribed scheme or a scheme of a prescribed description3. If:

  1.  

    (a)     at any time which falls when a scheme is being wound up but before any relevant event4 in relation to the employer5 which occurs while the scheme is being wound up, the value of the assets of the scheme is less than the amount at that time of the liabilities of the scheme; and

  2.  

    (b)     the trustees or managers6 of the scheme designate that time

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