Payments from Plan Wind Up

With effect from the effective date of the wind up of a (a) except as otherwise provided in paragraphs (b) and (c), no payment shall be made out of the pension fund of a pension plan until the Supervisor has approved the report of the person wind up the pension plan; 44 (b) a pension or any other benefit the payment of which commenced before the effective date of the wind up may continue to be paid after that date; and (c) any payment out of the pension fund, other than a payment under paragraph (b) or for reasonable costs relating to the person appointed to wind up the pension fund as determined by the Supervisor, may be made only with the approval of the Supervisor or as prescribed in regulations; (d) the pension plan and the pension fund continue to be subject to this Act and the regulations until all the assets of the pension fund have been disbursed; and (e) an employer shall remain liable for the contributions which he was, immediately before the effective date of the wind up, liable to pay into the pension fund.