Section 63Part 9 — Termination and Winding Up
Determination of entitlement
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For the purpose of determining the amounts of pension benefits and any other rights, benefits and entitlements on the winding up of a pension plan, in whole or in part —
the employment of each member affected by the winding up shall be deemed to have been terminated on the commencement of the winding up;
each member's pension benefits at the commencement of the winding up shall be determined as if the member had satisfied all eligibility conditions for a pension benefit; and
provision shall be made for the entitlements referred to in section 62.
A person entitled to a benefit on the winding up of a pension plan, other than a person who is receiving a pension is entitled to the rights under section 34(1) of a member who terminates employment.
Cross References
- Section 62 of National Pensions Act
section 62
- Section 34 of National Pensions Act
section 34(1)
Referenced By
- Section 62 — Notice of entitlements
section 63(1)(b)
- Section 69 — Adoption of a new pension plan
rights of members