[73A Operation of scheme during winding up period]
Pensions Act 1995 (1995 c 26) | Legislation

[73A  Operation of scheme during winding up period]

[(1)     This section applies where an occupational pension scheme to which section 73 applies is being wound up.

(2)     During the winding up period, the trustees or managers of the scheme—

(a)     must secure that any pensions or other benefits (other than money purchase benefits) paid to or in respect of a member are reduced, so far as necessary, to reflect the liabilities of the scheme to or in respect of the member which will be satisfied in accordance with section 73, and

(b)     may, for the purposes of paragraph (a), take such steps as they consider appropriate (including steps adjusting future payments) to recover any overpayment or pay any shortfall.

(3)     During the winding up period—

(a)     no benefits may accrue under the scheme rules to, or in respect of, members of the scheme, and

(b)     no new members of any class may be admitted to the scheme.

(4)     Subsection (3) does not prevent any increase, in a benefit, which would otherwise accrue in accordance

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