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,
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