(1) In the event of a winding up of an employer sponsored provident fund scheme,

(a) contributions made by the 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 and payroll deductions made from the contributor’s salary which have not been remitted to a trustee at the time of liquidation shall have priority over any other debt.

(2) Where a scheme is being liquidated

(a) the trustee shall not receive any contributions from the date of the commencement of the winding-up under a scheme managed by the trustee;

(b) any schemes operated by the trustee may be merged with a scheme operated by another trustee with the approval of the contributor and on the directions of the Board; and

(c) the merger shall be conducted to the other trustee by the transfer of the assets and liabilities of the scheme by the trustee to that trustee.

(3) Where the registration of a custodian is being withdrawn, the trustee of the scheme to which the trust relates shall appoint another custodian approved by the Board with the approval of the contributor.