Pensions Act, 1990
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Priorities on winding up of relevant scheme. |
48.—Notwithstanding anything contained in the rules of a relevant scheme that is being wound up, the resources of the scheme being wound up shall be applied on the winding up to secure— | |
(a) firstly, the continued payment of the benefits specified in paragraph 1 of the Third Schedule to or in respect of those persons who, at the date of the winding up, were in receipt of such benefits, and | ||
(b) secondly, the benefits specified in paragraphs 2 and 3 of the Third Schedule to or in respect of those members of the scheme who, at the date of the winding up, were within the categories referred to in those paragraphs, | ||
before discharging any other liabilities of the scheme: | ||
Provided, however, that the expenses, fees and costs of the winding up of the scheme shall be payable in priority to any other claims on the scheme. |