PART 5Pension accounts

CHAPTER 4Pension accounts: general

Closure and adjustment of pension accounts on transfer outI138

1

Except as otherwise provided in this regulation, the scheme manager must close all pension accounts relating to a member of this scheme if—

a

a transfer payment is made in respect of all of the member’s accrued rights under this scheme; or

b

all members’ contributions and payments for extra pension made by the member are refunded to the member under Part 9 (contributions).

2

Paragraph (1) does not require the scheme manager to close an account that includes amounts to which the transfer payment or the refund does not relate or is not attributable.

3

An account that is not closed because of paragraph (2) must be adjusted as the scheme manager considers appropriate to reflect the extinguishment of rights under this scheme51.

4

Paragraph (1)(a) does not require the scheme manager to close a pension credit member’s account if the transfer payment is made in respect of the accrued rights of a member who is both—

a

a pension credit member of this scheme; and

b

an active member, deferred member or pensioner member of this scheme.