Schedule 5 CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP

England, Wales and Scotland

1. Interpretation
2. Calculation of cash equivalent
3. Trustees’ powers
4. Trustees’ first notice to employers and members
5. Employer’s response to trustees
6. Trustees’ second notice to members
7. Member’s response to trustees
8. Trustees’ duty to transfer
9. Notice of expected transfer date
10. Transfer requirements: choice of arrangements
11. Requirements to be met by default schemes
12. Trustees’ power to transfer otherwise than to a scheme
13. Administration charges
14. Future contributions
15. Cessation of accruals
16. Winding up
17. Regulator’s power to direct
18. Civil penalties