Regulation 6 Procedure for discharging rights on winding-up

that they propose to make a transfer payment in respect of his rights under the scheme to their choice of a stakeholder pension scheme or a scheme registered under Article 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999, that scheme to be named in the notice, unless the member applies for the transfer payment to be made to a pension scheme or pension arrangement of his choice;

the value of the member’s rights at the date that the scheme commenced winding-up, being an amount not less than the cash equivalent of those rights on that date, as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act (calculation of cash equivalents); and

that, unless the member applies within 4 months of the date of the notice for a transfer payment to be made to a pension scheme or pension arrangement of his choice, a transfer payment may be made without his consent to the scheme named in the notice as the scheme of the trustees’ or manager’s choice.

it is not possible for the trustees or manager to do what is needed to carry out what the member requires within 12 months of the date of commencement of winding-up;

it would contravene the terms of the scheme’s F1tax-registration, or any provision of the scheme required to be included as a condition of any such F2registration, for the trustees or manager to do what is needed to carry out what the member requires; or

the member withdraws his application before the trustees have or the manager has done what is needed to carry out what he requires.

F4where sub-paragraph (a) or (b) of paragraph (4) applies, that they cannot carry out what he requires and the reasons why not;

that if he does not make a further application such as is mentioned in paragraph (3) they propose to make a transfer payment in respect of his rights as set out in the notice given in accordance with paragraph (2); and

that, unless he makes such further application within one month of the date of the notice given in accordance with this paragraph, such a transfer payment may be made without his consent.

the trustees do not or the manager does not receive any such application as is mentioned in paragraph (3) within 4 months of the date of the notice given in accordance with paragraph (2);

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

paragraph (4)F6... applied in respect of the first such application made by the member and—

the trustees or manager may make a transfer payment in respect of the member’s rights to the pension scheme named in the notice mentioned in paragraph (2) as the scheme of their choice.