In the context of pensions, the statutory debt arising under section 75 or section 75A of the Pensions Act 1995. Also known as a section 75 debt, an employer that participates in a defined-benefit (DB) scheme may owe an employer debt to the scheme's trustees if the scheme is underfunded. The debt arises either on the winding-up of a DB scheme, or when a participating employer in a multi-employer scheme withdraws while the scheme is ongoing. It is usually calculated by reference to the buy-out cost.