Paragraph 3 Protected beneficiary
Subject to sub-paragraph (2) below, this paragraph applies to any person–
to whom paragraph 2 above has ceased to apply pursuant to sub-paragraph (2) of that paragraph but who has accrued pension rights under a relevant pension scheme; or
who, on or after the transfer date, acquires pension rights under a relevant pension scheme by reason of the death of a person who was at the date of his death–
a protected employee; or
a person to whom paragraph (a) above applies.
Subject to paragraph (3) below, paragraph (1) above shall cease to apply to any person–
who gives notice in the form set out in Part II of this Schedule that he elects to cease to be a protected beneficiary; or
in respect of all or part of whose accrued pension rights a payment is, at his request, made to a pension scheme not being a relevant pension scheme.
The time at which sub-paragraph (1) above ceases to apply to a person mentioned in paragraph (a) of sub-paragraph (2) above shall be the date on which the notice mentioned in that paragraph takes effect.
Where a payment mentioned in paragraph (b) of the said sub-paragraph (2) is in respect of part only of the accrued pension rights of the protected person, the said sub-paragraph (1) shall cease to apply only as respects the accrued pension rights in respect of which the payment mentioned in the said paragraph (b) is made.