Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Winding up definition

What does Winding up mean? In pensions practice, winding up is the process of closing an occupational pension scheme, settling its liabilities and distributing its assets, after which the scheme trust is terminated and members’ benefits are secured elsewhere or paid out. It is a statutory concept used in the UK pensions regime (including the Pensions Act 1995 and the Occupational Pension Schemes (Winding Up etc.) Regulations 1996) and in Irish pensions legislation (the Pensions Act 1990). Key features include: identifying the winding-up trigger under the scheme rules or law (for example, employer insolvency or a trustee/employer decision), fixing the commencement date, notifying The Pensions Regulator...

Defined benefit (DB) occupational pension scheme winding-up: statutory triggers, section 75 debt, priority order, data cleansing, contracted-out reconciliation, disclosures and trustee protections

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT (DB) OCCUPATIONAL PENSION SCHEMES

Many employers opt to wind up their company’s DB pension arrangement as part of a wider de‑risking strategy. In other circumstances, an employer’s Insolvency may result in the scheme entering wind‑up, activating the relevant provisions set out in the scheme Rules. Where the wind‑up is anticipated, trustees and sponsoring employers can streamline the process by preparing early and ensuring they are clear on the essential stages and principal considerations before the wind‑up begins.

The principal statutory framework governing the winding‑up of pension schemes is primarily found in:

sections 73–76 of the Pensions Act 1995 (PA 1995)
the Occupational Pension Schemes (Winding up) Regulations 1996, SI 1996/3126 (the Winding Up Regs 1996)
the Occupational Pension Schemes (Winding up etc) Regulations 2005, SI 2005/706

For practical guidance on the issues arising when winding up a DB pension scheme, see Practice Note: Practical issues on the winding‑up of a defined benefit (DB) scheme. For a checklist covering the key stages in winding up an occupational pension scheme, including DB schemes, see Checklist: Winding up a pension scheme: the key steps—checklist.

How is a winding-up triggered? Winding-up

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Web page updated on 21/05/2026

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