270 Winding up

Winding up

270  Winding up

(1)     For section 73 of the Pensions Act 1995 (c 26) (preferential liabilities on winding up) substitute—

73 “Preferential liabilities on winding up

(1)     This section applies where an occupational pension scheme to which this section applies is being wound up to determine the order in which the assets of the scheme are to be applied towards satisfying the liabilities of the scheme in respect of pensions and other benefits.

(2)     This section applies to an occupational pension scheme other than a scheme which is—

(a)     a money purchase scheme, or

(b)     a prescribed scheme or a scheme of a prescribed description.

(3)     The assets of the scheme must be applied first towards satisfying the amounts of the liabilities mentioned in subsection (4) and, if the assets are insufficient to satisfy those amounts in full, then—

(a)     the assets must be applied first towards satisfying the amounts of the liabilities mentioned in earlier paragraphs of subsection (4) before the amounts of the liabilities mentioned in later paragraphs, and

(b)     where the amounts of the liabilities mentioned in one of those paragraphs cannot be satisfied in full, those amounts must be satisfied in the same proportions.

(4)

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