Regulation 30 Terms and conditions of contractsF1
Where a transfer notice has been given to the trustees or managers of a qualifying pension scheme and the scheme manager considers that a contract relating to the property, rights and liabilities of the scheme contains terms or conditions that the scheme manager considers onerous, the scheme manager may—
disapply any such term or condition; or
substitute for the term or condition, a term or condition that the scheme manager considers to be reasonable.
Where—
any rights or liabilities under a relevant contract of insurance are transferred to the Secretary of State by virtue of section 161 of, and Schedule 6 to, the Pensions Act as modified; and
as a result of the transfer, the Secretary of State is required, by reason of a term of that contract, to pay a specified amount or specified amounts to a specified person who, immediately before the time the transfer notice was given, was a member of the scheme or a person entitled to benefits in respect of such a member,
the scheme manager may modify that term of the contract so that any benefit under that contract shall be payable to the Secretary of State.