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Legal Update

Employers should act now to preserve any right to future refund of surplus

April 2010
Mayer Brown Legal Update
A little known provision of the Pensions Act 2004 seemingly (the exact scope of the section being unclear) prevents any payment of surplus to an employer except where there has been an appropriate trustee resolution under section 251 Pensions Act 2004. Although the section is aimed at surplus in ongoing schemes, it arguably extends to surplus on winding-up as well.
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