Section 47B: Pension liabilities on transfer of undertaking,

47B. Pension liabilities on transfer of undertaking, amalgamation, merger, consolidation or cessation of business (1) (a) Every employer who intends to transfer his undertaking, amalgamate, merge, consolidate or otherwise cease business in whole or in part, shall give to the Board at least 3 months’ prior written notice of his intention to do so. (b) On receipt of a notice under paragraph (a), the Board shall request an actuary to recalculate the pension liabilities of the employer. (2) Where, following an actuarial recalculation, the actuary determines that the assets of the employer are insufficient to meet his pension liabilities, the Board shall, after consultation with the actuary, require the employer to pay, within such time as the Board may determine, such amounts as may be necessary to enable the Fund to meet the pension liabilities of the employer. (3) In the event of a transfer of undertaking, amalgamation, merger or consolidation, the employer’s successor or assignee, as the case may be, shall assume all outstanding pension liabilities of the employer and the Board shall be entitled to claim any funding shortfall from that successor or assignee. (4) Where an employer, its successor or assignee, as the case may be, fails to make good any payment under this section, the Board shall be entitled to enforce the privilege extended over all the property of the employer, its successor or assignee, as the case may be, pursuant to section 11(2).