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Regulation 3 Requirements as to the making of transfer payments

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Subject to paragraph (2), the administrator of a personal pension scheme if requested so to do in writing by an individual who is a member of the scheme shall make a transfer payment to —

(a)

another personal pension scheme,

(b)

a retirement benefits scheme to which an employer of the individual makes or has made contributions, or

(c)

a statutory scheme.

(2)

A transfer payment shall comprise the whole of the accumulated fund unless, and to the extent that, the fund —

(a)

includes protected rights, or

(b)

has been, or will be, used to pay a personal pension protected rights premium.