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The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024
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- Northern Ireland Statutory Rules
- 2024 No. 78
- SCHEDULE 5
- Trustees’ duty to transfer
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Trustees’ duty to transfer
8.—(1) If the trustees receive notice from a member in accordance with paragraph 7, they must—
(a)arrange for the member’s accrued rights and benefits to be transferred, or the member’s cash equivalent applied, as specified in the notice;
(b)notify the member of the value of the cash equivalent of his or her accrued rights if the member is not yet receiving benefits under the transferring scheme, and
(c)notify the member of the value of his or her remaining benefits if the member is receiving benefits under the transferring scheme.
(2) If the trustees do not receive notice from a member under paragraph 7, the member’s accrued rights and benefits must be transferred to the applicable scheme.
(3) Any transfer of a member’s rights and benefits, and any application of a member’s cash equivalent, under this paragraph must be made within the period of 3 months beginning with the end of the option period referred to in paragraph 7(2)(a).
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