PART 2Assumption of responsibility

F1Power to pay certain transfer payments and contribution refunds4A

1

The Board must pay 90% of the rights described in paragraph (2) in the circumstances prescribed in paragraph (3).

2

The rights are—

a

any transfer payment; and

b

any payment in respect of a refund of contributions,

to which a member of the scheme was entitled immediately before the commencement of the assessment period.

3

The circumstances are that—

a

the Board assumes responsibility for a scheme in accordance with Chapter 3 of Part 2 of the Act;

b

the circumstances and conditions prescribed in—

i

regulation 16(1) of the Entry Rules Regulations (restrictions on winding up, discharge of liabilities etc ); or

ii

regulation 2 of the Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (discharge of liabilities in respect of money purchase benefits during the assessment period),

were met in respect of the rights;

c

the rights remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme; and

d

the member sends the Board a written request to make a payment in respect of the rights.