Once all the benefits have been secured, you will need to complete the formalities for winding up the scheme.
Actions to consider when completing wind up
Consider options for indemnities and insurance, agree this with the employer (if appropriate) and implement the insurance
If this is not being funded by the employer, or specifically permitted by scheme rules, you should consider taking legal advice about whether it is possible to obtain indemnity cover, or take out insurance for liabilities.
Formally document completion of the wind-up
This is normally done by way of a deed of termination.
Notify us the scheme has been wound up. You can update the scheme registration online through Exchange.
If there were any untraceable members you should also add a 'pensions tracing service contact' to the scheme roles, in the event that any untraced members contact the tracing service they will be directed to this contact.
Remove your entry from the Data Protection Register
You will need to notify the Information Commissioner that you (as trustee) have ceased to be a data controller.
Produce final accounts
A final set of accounts will need to be produced and signed off.
Close the trustee bank account
You will want to make sure all banking / investment arrangements in place for the scheme are properly closed.
Final trustee meeting
Review the actions taken to wind-up the scheme and check that you have taken all necessary steps to conclude the wind up.
Provide statutory information to members and beneficiaries
You will need to comply with statutory requirements to provide certain information to members and beneficiaries once the winding up is complete. The information that must be provided includes:
- who has or will become liable for the payment of the member's or beneficiary's benefits
- if the member or beneficiary is entitled to payment of benefits, the amount of benefit that is payable and (if it is payable periodically) any conditions for continuing to make payments or provisions which would allow the payments to be altered
The information needs to be provided to each member or beneficiary within three months of the scheme paying its liabilities to that member or beneficiary.