Closing of an occupational pension scheme, usually done by buying annuities for all members, including deferred annuities. Alternatively all assets and liabilities can be transferred to another scheme in accordance with the scheme rules and any relevant laws. There are statutory provisions to determine when winding up commences for statutory purposes (Occupational Pension Schemes (Winding Up) Regulations 1996, Regulation 2 (SI 1996/3126)).