(1) In the event of a winding up by an employer,

(a) contributions made by that employer on behalf of a contributor before the vesting period shall not be available to a liquidator of the employer; and

(b) unpaid contributions of the employer as agreed with a contributor and any payroll deductions made from the contributor's salary but which have not been remitted to a Funds Manager at the time of liquidation, shall, have priority.

(2) Where a Funds Manager is being liquidated,

(a) that Funds Manager shall not receive under a Plan operated by that Funds Manager, any contributions from the date of the commencement of the winding up process of the Funds Manager; and

(b) any Plan operated by that Funds Manager may with the approval of the contributor and on the directions of the Agency be merged with a Plan operated by another Funds Manager by the transfer of the assets and liabilities of the Plan to that other Funds Manager.

(3) Where a Trustee is being liquidated, the Funds Manager of the Plan to which the trust relates shall with the approval of the contributor and the Agency appoint another Trustee approved by the Agency.