Regulation 28 Closure and adjustment of pension accounts on transfer outI1

Except as otherwise provided in this regulation, all pension accounts relating to a member must be closed if a transfer payment is made or a cash transfer sum is paid out in respect of a member’s accrued rights under this scheme.

Nothing in paragraph (1) requires the closure of an account that includes amounts to which the transfer payment or cash transfer sum does not relate or is not attributable.

An account that is not closed because of paragraph (2) must be adjusted in such manner as the scheme manager considers appropriate to reflect the extinguishing of rights under this scheme.

Paragraph (1) does not apply to a pension credit member’s account if the transfer payment is made in respect of a member who is both—