257. Operation of scheme during winding-up period.

257.     Operation of scheme during winding-up period.

The following provisions1 apply where an occupational pension scheme2 is being wound up3. During the winding up period, the trustees or managers4 of the scheme: (1) must secure that any pensions or other benefits (other than money purchase benefits5) paid to or in respect of a member6 are reduced, so far as necessary, to reflect the liabilities7 of the scheme to or in respect of the member; and (2) may, for the purposes of head (1), take such steps as they consider appropriate (including steps adjusting future payments) to recover