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.  

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

  2.  

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

  3.  

    (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

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