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An employer sponsored scheme may be wound up under section 118 of the Act  if

(a) the only participating employer or the only remaining participating employer ceases to participate in the scheme or gives notice to the approved trustee of the scheme that the employer intends to cease to participate in the scheme;

(b) the only participating employer or the only remaining participating employer is an individual person and

(i) there is a change of ownership of the business of that employer, whether by transfer or otherwise; 

(ii) the person dies; 

(iii) the occurrence of an event that entitles a creditor to present a  bankruptcy petition against the person; 

(iv) the person is found by a Court of competent jurisdiction to be of unsound mind and incapable of managing the  person’s personal affairs; or

(c) where the only participating employer or the only remaining participating employer is a body corporate

(i) and there is a change of ownership of the body corporate, whether by acquisition of the company's shares, or a transfer of the assets of the body corporate or otherwise; or

(ii) the commencement of the winding up of the body corporate;

(d) The only participating employer or the only remaining participating employer is a partnership and the partnership is dissolved without being reconstituted because of the death, retirement or withdrawal of a partner or the admission of a new partner.