Regulation 4 Protected Beneficiary

(1)

Subject to paragraph (2) this regulation applies to any person–

(a)

who immediately before the transfer date is entitled to accrued pension rights under the North Scheme or the South Scheme but does not otherwise participate in the Scheme;

(b)

to whom regulation 3 has ceased to apply pursuant to paragraphs (2) and (3) and the proviso to paragraph (4)(d) of that regulation but who is entitled to accrued pension rights under a relevant scheme; or

(c)

who, on or after the transfer date, acquires pension rights under a relevant scheme by reason of the death of a person who was at the date of his death –

(i)

a protected employee; or

(ii)

a person falling within sub-paragraphs (a) or (b) of this paragraph.

(2)

Paragraph (1) shall cease to apply to any person who–

(a)

elects under regulation 17 to cease to be a protected beneficiary; or

(b)

withdraws or requires a transfer payment to be made in respect of all or any part of his accrued pension rights from a relevant scheme otherwise than by way of a transfer to another relevant scheme provided by his employer, except in respect of the accrued pension rights not so withdrawn or transferred.