157 Applications and notifications where closed schemes have insufficient assets
Pensions Act 2004 (2004 c 35) | Legislation

Reconsideration of closed schemes

157  Applications and notifications where closed schemes have insufficient assets

(1)     If at any time the trustees or managers of a closed scheme become aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, they must, before the end of the prescribed period beginning with that time, make an application to the Board for it to assume responsibility for the scheme.

(2)     Where the Board receives

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