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 any overpayment or pay any shortfall8.

During the winding up