Section 4.1 of chapter 17 gives a list of options for providing any outstanding benefits. Two of these are transfer the funds to an insurance company to invest and provide benefit transfer the liabilities to an insurer to guarantee the benefit The difference seems to relate to whether the benefit is guaranteed. Should the first option be interpreted as transfer to an "asset manager" (who can then provide either investment income or capital withdrawal) or does it involve some form of "insurance" product. Another question I have which may not be relevant to ST4 is whether Trustees/Sponsors can simply decide to discontinue a scheme and transfer liabilities to a third party. Do all the members generally need to give consent? What happens if some group of members oppose the transfer?
