Consultation on new winding-up priority order published


The Government’s Green Paper of 17 December 2002 set out numerous possibile changes to the statutory winding-up priority order for defined benefit schemes so as to try to ensure a fairer sharing of assets where a scheme which is winding-up has insufficient assets to meet all of its liabilities. The Action Plan of 11 June 2003 suggested that the draft Regulations would be published over the Summer and laid by the Autumn. Despite rumours of further delay, the Government published its long anticipated consultation on 22 October 2003.

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