Paragraph 6

For regulation M6 there is substituted—

“Special terms for transfers out (bulk transfers etc.)

M6

(1)

If one or more members (“the transferring members”)—

(a)

leave pensionable employment,

(b)

join another occupational pension scheme, and

(c)

exercise a right to transfer to that scheme under regulation M1 (member’s right to transfer or buy-out),

the Secretary of State may, after taking advice from the Government Actuary, make a single transfer payment to that scheme in respect of the transferring members.

(2)

The Secretary of State must calculate the amount of any transfer payment paid under this regulation after taking advice from the Government Actuary.”.