73 Preferential liabilities on winding up [73 Preferential liabilities on winding up]
Pensions Act 1995 (1995 c 26) | Legislation

Winding up

73  Preferential liabilities on winding up [73 Preferential liabilities on winding up]

(1)ÌýÌýÌýÌý This section applies, where a salary related occupational pension scheme to which section 56 applies is being wound up, to determine the order in which the assets of the scheme are to be applied towards satisfying the liabilities in respect of pensions and other benefits (including increases in pensions).

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

(a)ÌýÌýÌýÌý the assets must be applied first towards satisfying the amounts of the liabilities mentioned in earlier paragraphs of subsection (3) before the amounts of the liabilities mentioned in later paragraphs, and

(b)ÌýÌýÌýÌý 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.

(3)ÌýÌýÌýÌý The liabilities referred to in subsection (2) are—

(a)ÌýÌýÌýÌý any liability for pensions or other benefits which, in the opinion of the trustees, are derived from the payment by any member of the scheme of voluntary

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