75 Deficiencies in the assets
Pensions Act 1995 (1995 c 26) | Legislation

75  Deficiencies in the assets

[(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.

[(1A)     Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.]

(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

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