In a voluntary winding up of an employer sponsored scheme, the scheme assets  shall be applied in the following order of priority:

(a) the payment of amounts owing to general creditors of the approved trustee of the scheme in relation to the scheme at the date of commencement of the winding up;

(b) If, at the commencement of the winding up, there are any remaining scheme members whose accrued benefits have not previously been transferred to another registered scheme or paid in accordance with the Act, the transfer or payment of those benefits in accordance with arrangements approved by the Authority.

(2) Any surplus after satisfying all outstanding liabilities shall be distributed

(a) in accordance with the governing rules of the scheme; or

(b) To the participating employer if the rules of the scheme do not make provision for the distribution of the surplus.