PART IIITRANSFER VALUES
Transfer payments to money purchase contracted-out schemes and appropriate schemes17
A transfer of any liability in respect of safeguarded rights may be made to a money purchase contracted-out scheme or an appropriate scheme if—
a
the person with pension credit rights consents;
b
the transfer payment (or, if it forms part of a larger payment giving effect to both safeguarded and other rights, that part of it which gives effect to safeguarded rights) is of an amount at least equal to the cash equivalent of the safeguarded rights to which effect is being given, as calculated and verified in a manner consistent with regulations 3 to 7 of the Pension Sharing (Valuation) Regulations 200037 (calculation, verification and reduction of cash equivalents);
c
in the case of a transfer payment to a money purchase contracted-out scheme, the person with pension credit rights is employed by an employer who is a contributor to the receiving scheme; and
d
the transfer payment is applied so as to provide money purchase benefits under the receiving scheme for or in respect of the person with pension credit rights in respect of safeguarded rights.