264. Excess assets on winding up.

The following provisions apply to a trust scheme1 in any circumstances if:


    (1)     it is a registered pension scheme2;


    (2)     the scheme is being wound up; and


    (3)     in those circumstances power is conferred on the employer3 or the trustees to distribute assets to the employer on a winding up4.

That power to distribute cannot be exercised unless the following requirements, and any requirements that may be prescribed, are satisfied5. The specified requirements are that:


    (a)     the liabilities of the scheme have been fully discharged6;


    (b)     where there is any power under the scheme, after the discharge of those liabilities,

Popular documents