{
  "url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-2018/schedule-5/paragraph-3",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-2018/schedule-5/paragraph-3.json",
  "legislation": "uksi/2018/1030",
  "legislation_title": "The Occupational Pension Schemes (Master Trusts) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-2018",
  "path": "schedule/5/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) The trustees of a scheme that is pursuing continuity option 1 may, without members’ consent, provide—\n(a) for either—\n(i) a member’s accrued rights and benefits (including any transfer credits allowed under the scheme) to be transferred, or\n(ii) a transfer payment in respect of a member’s rights to be made,\nto a trustee default scheme or an employer default scheme in accordance with this Schedule, with a view to acquiring transfer credits for the member under that scheme; or\n(b) for arrangements to be made in accordance with paragraph 12 (trustees’ power to transfer otherwise than to a scheme).\n(2) A transfer payment made under sub-paragraph (1)(a)(ii) must be of an amount at least equal to the cash equivalent of the member’s rights under the scheme, calculated in accordance with paragraph 2.\n(3) The trustees of a scheme that is pursuing continuity option 1 may, where appropriate, decline a member’s request for a drawdown pension (as defined in paragraph 4 of Schedule 28 to the Finance Act 2004) (drawdown pension) in the transferring scheme.\n(4) A transfer, transfer payment or alternative arrangement under this paragraph is prescribed for the purposes of section 73(4)(b) of the 1993 Act (form of short service benefit and its alternatives).",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 3 in force at 1.10.2018, see reg. 1(2)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "2004 c. 12."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/1030/schedule/5/paragraph/3",
    "retrieved_at": "2026-10-28T22:53:51.683386+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}