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1. Pensions The closure of a Defined Benefit pension scheme to new members and the cessation of future benefit accrual to existing members. It is invariably associated with the cessation of employee contributions, but may well involve the continuation of employer contributions unless there is a surplus on a discontinuance basis, in which case winding-up may also occur.

2. The blocking of the free use of assets by their owner. For example, where a bank puts a stop on the withdrawal of funds from an account.

See also