When a company closes or winds down its operations, employee pension schemes do not simply disappear; instead, they are legally protected and managed according to whether they are defined benefit or defined contribution arrangements. Defined benefit (final salary) schemes are typically safeguarded by regulatory bodies such as the Pension Protection Fund in the UK, which steps in to ensure members receive a secure compensatory pension if the employer becomes insolvent. Defined contribution pots remain fully owned by the individual members, sitting with the chosen third-party pension provider or financial institution, and can continue to be managed, consolidated, or accessed by the plan holder once they reach the eligible retirement age.