154 Requirement to wind up schemes with sufficient assets to meet protected liabilities

Winding up

154  Requirement to wind up schemes with sufficient assets to meet protected liabilities

(1)     Where, in relation to an eligible scheme, an assessment period within section 132(2) or (4) comes to an end because the conditions in subsection (2) of this section are satisfied, the trustees or managers of the scheme must—

(a)     wind up the scheme, or

(b)     where the winding up of the scheme began before the assessment period (whether by virtue of section 219 or otherwise), continue the winding up of the scheme.

(2)     The conditions are—

(a)     that subsection (2) or (3) of section 151 (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to the scheme,

(b)     that—

(i)     the trustees or managers did not make an application under that section or section 153(2) within the authorised period (within the meaning of section 151(6)) (or any such application has been withdrawn), or

(ii)     if such an application was made, it has been finally determined, and

(c)     that, if an application was made under section 151, the Board is not required to assume responsibility for the scheme by virtue of section 152(2) [or (2B)].

(3)

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