Section 58Part 9 — Termination and Winding Up
Winding up
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An administrator may terminate and wind up a pension plan in whole or in part.
The administrator shall give written notice of the proposal to terminate and wind up the pension plan to —
the Director;
each member;
each former member;
each participating employer;
the advisory committee of the pension plan; and
any other person entitled to a payment from the pension fund.
In the case of a proposal to terminate and wind up only part of a pension plan, the administrator is not required to give written notice of the proposal to members, former members or other persons entitled to payment from the pension fund if, in the opinion of the Director, they will not be affected by the proposed partial winding up.
The notice of proposal to terminate and wind up shall contain the information prescribed by regulations.
When giving notice of a proposal to terminate and wind up a pension plan to the Director, the administrator shall pay the prescribed fee to the Board.
The Director may waive the fee payable under subsection (5) if the liabilities of the pension plan exceed the assets of the pension fund.
The date of termination of a pension plan that is being wound up shall —
not be earlier than the date the members' contributions, if any, cease to be deducted, in the case of contributory pension plans; or
in any other case, be on the date notice is given to members.
The Director, may, by order, where the Director deems it necessary, change the commencement date of the winding up of a pension plan.