The Transport Act 2000 (Civil Aviation Authority Pension Scheme) Order 2001

Giving effect to winding-up

19.2  If the CAA Section is to be wound up, the Trustees shall arrange for all Members and other persons in receipt of benefit from the CAA Section (and any other persons or bodies who or which are entitled to information in the circumstances and in the manner specified in the Disclosure Regulations) to be notified and shall give effect to the winding-up in the following manner:

(a) The Trustees shall be entitled to reserve out of the Section Assets of the CAA Section such amount as they consider may be necessary to meet any expenses of the administration and winding-up of the CAA Section which in their opinion may not be recoverable from the Employers, and to meet any tax, duty or other payments for which they may be accountable under the CAA Section.

(b) The Trustees shall, with the advice of the Actuary, apply the balance of the Section Assets of the CAA Section in securing, so far as the available amount permits, the payment of benefits and refunds of contributions firstly in the order of priority set out in Section A of Rule 19.3 below and secondly, as regards any part of the Section Assets then remaining, in the order of priority set out in Section B of that Rule, in both cases having regard to the requirements of the Board of Inland Revenue as to the maximum benefits which the Scheme may provide and to the provisions of the Pensions Act 1995.