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Regulation 7 Manner of discharge of liabilities in respect of money purchase benefits

(1)

Subject to regulation 8, in respect of a case to which section 170(1) of the Act (discharge of liabilities in respect of money purchase benefits) applies, the Board must secure that liabilities in respect of money purchase benefits transferred to the Board under section 161 are discharged F1... by way of—

F2(a)

a transfer payment to a personal pension scheme or an occupational pension scheme;

(b)

the purchase of a pension annuity;

(c)

the taking out of a policy of insurance or a number of such policies;

(d)

assuring the benefits of a policy of insurance or a number of such policies; F3...

(e)

in the circumstances described in regulation 9, a trivial commutation lump sum payment; F4or

F5(f)

in the circumstances described in regulation 9A, a PPF money purchase lump sum.

F6(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1

Words in reg. 7(1) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246), arts. 1(2)(a), 22(3)(a)(i)

F2

Reg. 7(1)(a) substituted (6.4.2012) by The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246), arts. 1(2)(a), 22(3)(a)(ii)

F3

Word in reg. 7(1)(d) omitted (30.4.2013) by virtue of The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 5(3)(a)

F4

Word in reg. 7(1)(e) inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 5(3)(b)

F5

Reg. 7(1)(f) inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 5(3)(c)

F6

Reg. 7(2)(3) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246), arts. 1(2)(a), 22(3)(b)