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Pensions Update

Continuing our regular feature the Pensions team at Norton Rose bring us up-to-date with the pensions news and provides a legislative update
Government issues draft winding up regulations for consultation
Confirming the action proposed in the white paper published on 11 June 2003 the Department for Work and Pensions has proposed new measures for ensuring the best possible sharing of assets on the winding-up of a pension scheme which is in deficit.
The new draft Occupational Pension Schemes (Winding Up) (Amendment) Regulations will amend the statutory priority order so that where there are insufficient assets to meet liabilities they are shared as far as is possible between pensioner and non-pensioner members.

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