PART III DISCHARGE OF LIABILITY TO PROVIDE PENSIONS UNDER A RELEVANT SCHEME

Meaning of “transaction"

10.  For the purposes of regulation 9 “transaction" means—

(a) the taking out of a policy of insurance or a number of such policies;

(b) the entry into an annuity contract or a number of such contracts; or

(c) the transfer of pensions and accrued rights to such a policy or policies or such a contract or contracts.