PART IOccupational Pensions

2Transfer and revaluation

The M1Social Security Pensions Act 1975 shall be amended in accordance with Schedule 1 to this Act—

(a)

to introduce a premium payable in certain cases where an earner ceases to be in employment to which an occupational pension scheme applies and there is a transfer of his accrued rights ;

(b)

to provide for the extinguishment of the liability of schemes to provide benefits which are secured by policies of insurance or annuity contracts ;

(c)

to make further provision as to the revaluation of benefits under schemes; and

(d)

to ensure that schemes provide transfer values for their members.