The Pensions Act is hereby amended by the substitution for section 48 of the following section:
"48. Priorities on winding up of relevant scheme.
Notwithstanding anything contained in the rules of a relevant scheme that is being wound up -
(a) the resources of the scheme being wound up shall be applied on the winding up to secure -
(i) firstly, the continued payment of the benefits specified in paragraph 1 of the Third Schedule to or in respect of those persons who, at the date of the winding up, were in receipt of such benefits, and
(ii) secondly, the benefits specified in paragraphs 2 and 3 of the Third Schedule to or in respect of those members of the scheme who, at the date of the winding up, were within the categories referred to in those paragraphs,
before discharging any other liabilities of the scheme:
Provided that the expenses, fees and costs relating to and associated with the winding up of the scheme shall be payable in priority to any other claims on the scheme, and
(b) th
…