Section 45: Voluntary winding up
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
45. Voluntary winding up
(1) Subject to any other enactment, a private pension scheme shall not
be voluntarily wound up without the written approval of the Commission.
(2) The Commission may approve a voluntary winding up where a private
pension scheme, being solvent, submits a declaration to the effect that
arrangements satisfactory to the Commission have been made to meet all its
liabilities prior to the winding up.
(3) Where the Commission approves a voluntary winding up under subsection (2), the private pension scheme shall—
(a) immediately cease to operate its activities, retaining only the
powers to carry out the necessary business for the purpose of
effecting an orderly winding up;
(b) wind up all operations undertaken.
(4) A private pension scheme shall—
(a) not later than 30 days from the receipt of an approval under
subsection (2), send by registered post a notice of voluntary
winding up, specifying such information as the Commission may
determine, to all its beneficiaries or such other persons as the
Commission may determine; and
(b) cause to be published a notice of the voluntary winding up, in
such manner as the Commission may determine.