Insufficient assets

In the event that the money in a pension fund is not sufficient to pay all the pension benefits on the wind up of the (a) the contributions with interest of a non-vested former member shall be refunded in full; (b) the pension benefits and other benefits payable to members shall be reduced in proportion to the funded ratio of the plan on a plan termination basis after the expenses of the wind up and refund the contributions with interest are taken into account; (c) where payments have been made to former members after the date of the wind up in amounts exceeding the amounts payable under paragraph (b), amounts not exceeding ten percent of the payment shall be withheld from each future payment to such former members until the overpayment has been fully set off; and 60 Private Pensions (d) if additional funding is made to the plan after the date of the wind up in order to make up the deficiency, the amount of pension benefits and other benefits shall be adjusted accordingly.