66Termination of the Scheme

66 Termination of the Scheme

66.1 Subject to subsection 66.2, if there are no members contributing to either of the Funds on the termination date, the Council may resolve that the Scheme is terminated with effect from that date.

 

66.2 The Council may only resolve that the Scheme is terminated on the termination date if:

 (a) the Council is satisfied that, on that date, appropriate arrangements have been made with an appropriate fund manager for the payment to pensioners and other beneficiaries of the Scheme of benefits no less favourable to them than those payable under this Statute; and

 (b) the actuary has advised the Council that he or she is satisfied that the arrangements made with the fund manager comply with paragraph 66.2(a).

66.3 The University must guarantee to the fund manager that sufficient monies will be made available by the University to ensure that the fund manager is able to make the payments under the arrangements.

66.4 The University must transfer to the fund manager so much of the Funds as the actuary certifies are, in his or her opinion, required to enable the fund manager to carry out his or her responsibilities under the arrangements.

66.5 After transferring to the fund manager the amount certified by the actuary, and after allowing for the reasonable costs and expenses of terminating the Scheme, the balance of the monies in the Funds are to be applied to the University for its general purposes.

66.6 If:

 (a) the Council and the actuary are satisfied that subsections 66.3, 66.4 and 66.5 have been complied with; and

 (b) the Council resolves to terminate the Scheme; and

 (c) the arrangements referred to in paragraph 66.2(a) are put into effect, and

 (d) the University gives the guarantee referred to in subsection 66.3,

the Scheme is terminated with effect on and from the termination date.

66.7 When the Scheme is terminated under subsection 66.6, this Statute ceases to have effect.

PART IX—MISCELLANEOUS