SCHEDULES

SCHEDULE 17 N.I.AUTOMATIC TRANSFER OF PENSION BENEFITS ETC.

Prospective

PART 1 N.I.AUTOMATIC TRANSFER OF PENSION BENEFITS

Right to opt out of automatic transfer N.I.

4—(1) If the regulations do not include the condition mentioned in paragraph 3(3), they must ensure that where the duty to give a transfer notice has arisen in relation to transferable benefits of a qualifying member of an automatic transfer scheme, the member can opt out of the transfer in accordance with the regulations. N.I.

(2) The regulations must provide that, where the member does opt out—

(a) the duty to give the transfer notice is not to be complied with, and

(b) the cash equivalent of the member's transferable benefits is not to be transferred.