PART 3Scheme membership
CHAPTER 4Pension accounts
Closure of pension accounts on transfer out or repayment of balance of contributions25
1
All pension accounts relating to a member (other than a pension credit member's account) must be closed if—
a
a transfer payment is made in respect of the member's accrued rights under this scheme; or
b
the member is repaid the balance of contributions under regulation 40.
2
Paragraph (1) does not require the scheme manager to close an account that includes amounts to which the transfer payment or the refund does not relate or is not attributable.
3
An account that is not closed because of paragraph (2) must be adjusted as the scheme manager considers appropriate to reflect the extinguishment of rights under this scheme.