1 Notify us that that your defined benefit (DB) scheme has begun winding up. 2  Submit a winding-up report if your scheme has not fully wound up 2 years after it was triggered. 3  Put a project plan in place to help you plan effectively and complete at least the key wind-up activities within 2 years of starting the process.he key activities you should complete when winding up your DB scheme are: 1  calculating whether there is a debt on the employer (under section 75 of the Pensions Act 1995 (“section 75”)) and serving that debt if so.