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(1)F1. . . the [F2 Leader of the House of Commons]F2 may by order direct that, on a specified date, there shall be paid into or for the purposes of a specified overseas fund or scheme a specified sum representing the aggregate value on that date of the accrued pension rights of all Representatives and other persons under the relevant pension provisions, excluding (if the order so provides) those of persons of any specified class.
(a)the managers appointed under the relevant pension provisions; and
(b)such persons representing the interests of Representatives and other persons having pension rights under the relevant pension provisions as he considers appropriate,
and shall not make such an order unless he has been informed by or on behalf of the persons administering the overseas fund or scheme in question that they are willing to accept the sum proposed to be specified in the order.
(3)For the purposes of this section the aggregate value on any date of the accrued pension rights mentioned in subsection (1) shall be taken to be such sum as for those purposes may be certified by the Government Actuary.
(4)In this section—
“overseas fund or scheme” means a fund or scheme which is established outside the United Kingdom or wholly or primarily administered outside the United Kingdom and which is approved by the Commissioners of Inland Revenue F3. . . for the purposes of this section;
“the relevant pension provisions”, in relation to an order under this section, means all such provisions contained in orders made under section 4 as are in force when the order is made.
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