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What happens if an employer is in severe financial difficulty?

Any employer in such a position should contact NILGOSC. If it appears likely that an employer may not be able to meet its obligations to the Scheme NILGOSC may seek Departmental approval to require the active members to cease future accrual. Once there are no active members, the employer will become an exiting employer, an exit valuation normally takes place and an exit payment is likely to be due. In some circumstances it may be possible to defer the exit valuation although employer contributions continue to be payable or to agree payment of the exit amount over a defined period.

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