276. Requirements for winding up procedure.

Where an occupational pension scheme1 in respect of which a recovery plan has been prepared2 begins to wind up during the recovery period3, the trustees or managers4 of the scheme must as soon as reasonably practicable prepare a winding up procedure5. A winding up procedure must: (1) set out the action to be taken to establish the liabilities to or in respect of the members6 of the scheme, in respect of pensions or other benefits, and to recover any assets of the scheme; (2) give an estimate of the amount of time it will take to establish those liabilities