Stage 3 – Wind-up
Wind-up is the formal closure of the pension scheme. Once all liabilities have been discharged (typically via the buyout), the scheme is wound up and removed from the register. This stage has the most prescriptive regulatory requirements, including mandatory Schedule 8 notices under the Disclosure Regulations 2013. Communications must be accurate, timely, and provide members with clear confirmation of their benefit position going forward.
Communication
Wind-up commencement notice (Schedule 8, Part 1)
— reasons, timeline, benefit estimate or reduction indication
Trigger/Timing Within 1 month of wind-up commencement Audience All members Regulatory Driver Disclosure Regulations 2013 Regulation 24 / Schedule 8 Part 1
Communication
Section 27 notice
Trigger/Timing Once wind-up commenced Audience All members Regulatory Driver Disclosure Regulations 2013
Communication
Wind-up progress update
(annual/six monthly status of wind-up process)
Trigger/Timing Every 12 months during wind-up Audience All members Regulatory Driver Disclosure Regulations 2013
Communication
Post-discharge confirmation (Schedule 8, Part 2)
— benefit confirmation, named insurer, any reduction
Trigger/Timing Within 3 months of discharge Audience All members Regulatory Driver Disclosure Regulations 2013 Regulation 25 / Schedule 8 Part 2
Communication
Pensioner (Dependant) payment continuity letter
(confirming payment arrangements with insurer)
Trigger/Timing At wind-up / discharge Audience Pensioner and dependants in payment Regulatory Driver Schedule 7 paragraphs 6–7
Communication
Deferred member benefit estimate letter
(benefit estimate from normal pension age)
Trigger/Timing Post-discharge Audience Deferred members Regulatory Driver Schedule 8, Part 5 paragraph 16
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