Transfer value payments
5.—(1) Where under any of the foregoing provisions of this Order an appropriate transfer value in respect of the accrued pension rights of a person is payable by the persons administering a pension fund, the amount to be paid shall be determined, as at the time when the transfer value is payable, by first determining the portion of that fund properly attributable to the accrued pension rights in question and then by deducting therefrom an amount equal to any income tax which may then become payable in respect of such payment.
(2) Any payment of a transfer value under any provision of this Order may take the form of a transfer of securities, deposits or other assets, valued as at the date of the transfer, in lieu of a payment of money, if the persons making and receiving the transfer so agree.
(3) Any reasonable expenditure incurred by persons administering a pension fund in determining and making any transfer value payment under the provisions of this Order shall be reimbursed to them on demand by the Holding Company.