The Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1994
Section 144 of the Pension Schemes Act 1993 (which re-enacts provisions previously contained in section 58B of the Social Security Pensions Act 1975) provides for deficiencies in the assets of an occupational pension scheme on a winding up to be a debt due from the employer to the trustees of the scheme. Regulations made under section 58B, namely, the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1992 (“the 1992 Regulations”), made provision for calculating scheme liabilities and assets and for the modification of section 58B in certain circumstances.