258. Preferential liabilities on winding up of hybrid schemes.

258.     Preferential liabilities on winding up of hybrid schemes.

In relation to any scheme1 which is not a money purchase scheme2, but where some of the benefits that may be provided are relevant money purchase benefits3, the statutory provisions relating to priority of liabilities in a winding up4 apply as if the liabilities of the scheme did not include liabilities in respect of those benefits, and the assets of the scheme did not include the assets by reference to which the rate or amount of those benefits is calculated5.