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.