Seriph
If you bothered to read my post you will see that I agree that at the moment FS schemes are superiour, but only because no push has been made to get companies to contribute in a meaningful way to MP schemes.
I agree that if a company 'volunatarily' winds up a FS scheme it must fully fund it but as I said in my post if the scheme is in deficit and the company goes bust, the pensioners will lose out.
If there is a shortfall after a company goes bust the existing pensioners get as much as they are entitled, if there are funds available in the scheme. But anyone in the scheme who is not retired could lose all their entitlement.
If you look at the case of Cardiff-based Allied Steel and Wire - you will see exactly what I mean, the poor soles at that company lost their jobs and their pensions. I beleive that the TUC and the government are looking into ways of protecting pensioners and pensioners to be, but any legislation is a long way down the road.