Priorities in Winding Up a Pension Scheme:
1. Costs and expenses of doing so.
2. Members benefits bought by VOLUNTARY contributions.
3. Pensions in payment ( without inflation increases ).
4. Pensions yet to be paid to non-retired members( without inflation increases ).
5. Increases to pensions in payment and to accrued benefits of the non-retired.
And, the law requires the scheme to be fully funded before it is wound up.
Current pensioners are 3rd priority.