439. Securing of benefits.

Subject to the following provisions, the scheme must contain a rule by which any liabilities of the scheme in respect of:


    (1)     guaranteed minimum pensions1 and accrued rights2 to guaranteed minimum pensions;


    (2)     any such benefits as are excluded3 from earners'4 guaranteed minimum pensions; and


    (3)     pensions and other benefits (whether or not within head (1) or head (2) above) in respect of which entitlement to payment has already arisen,

are accorded priority on a winding up which is begun before 6 April 1997 over other liabilities under the scheme in respect of benefits attributable to any period of service