PART IVE+W+S DISCHARGE OF LIABILITY IN RESPECT OF A PENSION CREDIT

Funded pension schemesE+W+S

7.—(1) The circumstances in which the trustees or managers of a scheme, to which paragraph 1 of Schedule 5 to the 1999 Act applies, may discharge their liability in respect of a pension credit in accordance with sub-paragraph (2)(b) of that paragraph are where—

(a)the person entitled to the credit has failed to provide his consent in accordance with paragraph 1(2)(a) and (4) of that Schedule; and

(b)the circumstances set out in paragraph 1(3) of that Schedule do not apply.

(2) The circumstances in which the trustees or managers of a scheme, to which paragraph 1 of Schedule 5 to the 1999 Act applies, may discharge their liability in respect of a pension credit in accordance with sub-paragraph (3)(c) of that paragraph are where—

(a)the person entitled to the credit has failed to provide his consent in accordance with [F1paragraph 1(3)(c)] of that Schedule; and

[F2(b)either—

(i)the person entitled to the pension credit has failed to provide his consent in accordance with paragraph 1(2)(a) and (4) of that Schedule; or

(ii)the trustees or managers of the scheme have not discharged their liability in accordance with paragraph (1) above.]

Textual Amendments