Wind Up

(1) The administrator may wind up a pension plan in accordance with the plan documents and this Act. (2) Where the administrator proposes to wind up a pension plan, or the Supervisor has ordered a wind- up, the administrator shall give written notice of that proposal or order to– (a) the Supervisor; (b) each member of the pension plan; 42 (c) each former member of the pension plan; (d) each registered trade union that represents members of the pension plan; and (e) any other person entitled to a payment from the pension fund. (3) The notice of a proposal to wind up shall contain such information and be filed by the date as may be prescribed in (4) Subject to sub-section (5), in the case of a contributory pension plan, the effective date of the wind up shall not be earlier than the date members’ contributions, if any, cease to be deducted or, in any other case, on the date notice of the wind up is given to the members. (5) Notwithstanding sub-section (4), the Supervisor may direct that a different date be taken as the effective date of wind up if it is satisfied that there are reasonable grounds for the change. (6) The Supervisor may order the wind up of a pension plan– (a) if all or a significant part of the business of the employer is discontinued; (b) if the employer becomes insolvent; (c) if an application for its registration is not granted, or if the registration of the pension plan is revoked; (d) if the employer becomes bankrupt; (e) if there has been a cessation or suspension of the employer’s or employees’ contributions or accrual of benefits to the pension fund; 43 (f) if the employer fails to make contributions to the pension fund as required by this Act or the (g) if there are no more members accruing benefits in the pension plan; or (h) if any other event or circumstance occurs such that the Supervisor considers that the wind up of the pension plan would be in the best interests of members, former members and beneficiaries.