Funded pension schemes
7.—(1) The circumstances in which the trustees or managers of a scheme, to which paragraph 1 of Schedule 5 applies, may discharge their liability in respect of a pension credit in accordance with sub-paragraph (2)(b) of that paragraph are where—
(a)the person entitled to the credit has failed to provide his consent in accordance with paragraph 1(2)(a) and (4) of Schedule 5, and
(b)the circumstances set out in paragraph 1(3) of Schedule 5 do not apply.
(2) The circumstances in which the trustees or managers of a scheme, to which paragraph 1 of Schedule 5 applies, may discharge their liability in respect of a pension credit in accordance with sub-paragraph (3)(c) of that paragraph are where—
(a)the person entitled to the credit has failed to provide his consent in accordance with paragraph 1(2)(a) of Schedule 5, and
(b)the trustees or managers of the scheme have not discharged their liability in accordance with paragraph (1).