# The Occupational Pension Schemes (Transfer Values) Regulations 1996, Paragraph 8

Extent: E+W+S

Where—
(1) The cash equivalent shown in a member’s statement of entitlement—
(i) relates to safeguarded benefits, as defined in [clause 48(8)] of the Pension Schemes Act 2015; and
(ii) is to be used for acquiring transfer credits in relation to safeguarded benefits under the rules of another scheme; and
(2) The receiving scheme has undertaken to provide benefits at least equal in value to the benefits represented by that cash equivalent on payment of a lesser sum (including nil),
the initial cash equivalent may be reduced so that the cash equivalent is that lesser sum.

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Source: https://www.legislation.gov.uk/uksi/1996/1847/schedule/1A/paragraph/8 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-transfer-values-regulations-1996/schedule-1A/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.