Automatic transfer scheme to use cash equivalent to provide rights under the scheme
7.—(1) The regulations must require the trustees or managers of an automatic transfer scheme to whom the cash equivalent of a person’s transferable benefits is transferred to use the cash equivalent to provide rights for the person under the scheme.
(2) The regulations may make provision about how that is to be done and in particular about—
(a)the nature and value of the rights to be provided;
(b)calculating and verifying the value of the rights to be provided.