Commentary on Sections Part 2 – Collective Benefits Section 27: Requirement to wind up scheme in specified circumstances
87.This section provides for regulations to set out circumstances in which the trustees or managers must wind up either the whole or part of a scheme providing collective benefits. The powers have been drafted to ensure that any wind up required under this provision will be as effective as if it had been made under powers conferred by the scheme. Regulations made under this section may also override any other legislation, rule of law or provision of a scheme that would otherwise prevent wind up, and override any need for any consent or procedure that would otherwise be required.