The Board may discharge its liabilities in respect of money purchase benefits transferred to it under section 161 of the Act by way of a PPF money purchase lump sum where the conditions in the following paragraphs are met.

The first condition is that the member has attained normal minimum pension age or meets the ill-health condition in paragraph 1 of Schedule 28 to the 2004 Act.

The second condition is that the value of the member’s entitlements to money purchase benefits under the pension scheme does not exceed F3£10,000.

The third condition is that the payment extinguishes the member’s entitlement to money purchase benefits under the pension scheme.

The fourth condition is that the payment is made within a reasonable time from the date the Board notifies the member under regulation 8(1).