• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

Benefits on Wind-Up

B

barney

Member
When a pension scheme winds up, do actives and deferreds always get a deferred annuity (assuming there's enough money to buy them)? Can the Trustees decide to buy immediate annuities for pensioners & just give actives & deferreds a transfer value? thank you.
 
Hi Barney

The trustees can generally give active and deferred members the option to take a transfer value on wind-up, but cannot force them to take a transfer value.

Hope that helps,

Best wishes

Stuart



When a pension scheme winds up, do actives and deferreds always get a deferred annuity (assuming there's enough money to buy them)? Can the Trustees decide to buy immediate annuities for pensioners & just give actives & deferreds a transfer value? thank you.
 
thank you. does a Schedule of Contributions have to be completed as part of the SFO valuation whether or not the scheme is in deficit? i.e. does a fully funded scheme need to produce a Schedule of Contributions?
 
SoC

Hi Barney,

Yes, a Schedule of Contributions is needed whatever the funding position.

A Schedule of Contributions sets out the contributions to be paid. For example:

- even if there is a surplus, it could still be that contributions are paid, eg to meet accrual
- even if no accrual or deficit contributions paid, then the SoC is also likely to specify what the employer needs to pay, if anything, towards scheme expenses.

Best wishes

Stuart
 
Back
Top