Pensions in 30: 14. Underfunded schemes

The Month in Pensions - Gowling WLG

Key points

• Independent trustee of pension scheme may be appointed
• Other trustees' discretionary powers fall away
• Employer as sole trustee ceases to act
• Employer debt: Section 75 Pensions Act 1995 and Occupational Pension Scheme (Employer Debt) Regulations 2005 may apply
• Scheme may qualify for entry to Pension Protection Fund under Pensions Act 2004 Section 126 onwards
• Trustees will be unsecured creditors in employer's winding up unless they have previously obtained security (such as a charge over assets)

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