271 Debt due from the employer when assets insufficient
Pensions Act 2004 (2004 c 35) | Legislation

Deficiency in assets of certain occupational pension schemes

271  Debt due from the employer when assets insufficient

(1)     Section 75 of the Pensions Act 1995 (c 26) (deficiencies in the assets) is amended as follows.

(2)     For subsections (1) to (4) substitute—

“(1)     This section applies in relation 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.

(2)     If—

(a)     at any time which falls—

(i)     when a scheme is being wound up, but

(ii)     before any relevant event in relation to the employer which occurs while the scheme is being wound up,

the value of the assets of the scheme is less than the amount at that time of the liabilities of the scheme, and

(b)     the trustees or managers of the scheme designate that time for the purposes of this subsection (before the occurrence of an event within paragraph (a)(ii)),

an amount equal to the difference shall be treated as a debt due from the employer to the trustees or managers of the scheme.

This is subject to subsection (3).

(3)     Subsection (2) applies only if—

(a)     either—

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