Our involvement often begins with reviewing powers to wind-up the scheme, and how it can be achieved. This will involve assessing what powers and duties the trustees and the sponsoring employer have within the winding-up process.
In winding-up the pension scheme, we can help you with the due diligence required to go to insurance companies to obtain quotes for buying out benefits. We can also advise on any benefits issues that may arise on winding-up the scheme, including equalisation of benefits, and benefit structure generally.
Our support will also include advising on the disclosure requirements, thus ensuring members remain informed, and on the process required for tracing missing beneficiaries.
The Pensions Regulator is keen to ensure that the winding-up process is managed carefully and does not take too long. We liaise with the Pensions Regulator and ensure that any requirements or concerns they may have are met.
Winding-up may be triggered by a corporate insolvency, in which case we will help you manage the process including liaison with the Pension Protection Fund. This may involve working with our insolvency and restructuring team when looking at the wider issues.