Jurisdiction(s):
United Kingdom

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Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Winding Up Defined Benefit (DB) Occupational Pension Schemes: Practical Steps, Section 75 Employer Debts, PPF Processes, Benefit Buy-outs, GMP Equalisation, Member Communications, Auto-enrolment, and TPR/HMRC Reporting

Published by a LexisNexis Pensions expert

Practice notes

This Practice Note focuses on the practical issues arising on the winding-up of defined benefit (DB) pension schemes

Where a wind-up is anticipated, many of the points outlined below can be addressed in advance, and, preferably, a project plan should be prepared and agreed by the trustees and the employer. In such a case, the scheme employer must also consult any employees who are affected and ensure it meets its statutory auto-enrolment duties (further details on both are provided below). Attention should additionally be given to whether changes could, or should, be made to the scheme’s trust deed or rules before winding-up begins because, subject to the scheme’s amendment power, alterations may not be permitted once winding-up has been triggered. For more information, see Practice Note: Interpretation of restrictions on pension scheme amendment powers. In certain situations, advance planning will not be possible, for example if winding-up is initiated by insolvency proceedings against the principal employer or by an employer default.

Prepare and agree a trustee–employer project plan in advance where possible.
Consult affected employees and comply with statutory auto-enrolment obligations.
Review amendment powers and consider any pre-wind-up deed or rule changes.
Note that insolvency or default may trigger an unplanned...

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Web page updated on 21/05/2026

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