Regulation 79 Rights to payment out of fund authority’s pension fundI1

A member may apply for a transfer under Chapter 4 or 5 (as modified by regulation 78) and where he does so the amount of any transfer payment due in respect of the member under the relevant Chapter may only be paid by the fund authority from its pension fund if the transfer payment is a recognised transfer (within the meaning of section 169 of the Finance Act 2004^f1).

Where such a transfer payment is to be or has been paid from a fund, no other payment or transfer of assets may be made from the fund as respects the accrued rights covered by the transfer payment.

Paragraph (2) overrides anything to the contrary in—