SCHEDULE 5CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP
Transfer requirements: choice of arrangements
10
1
The trustees of the applicable scheme must, as soon as reasonably practicable, contact each member whose accrued rights or benefits are to be transferred to that scheme and must invite them to select an arrangement of the applicable scheme into which those rights or benefits are to be transferred.
2
The accrued rights of members who do not respond to the applicable scheme within eight weeks after the date on which they received the invitation referred to in sub-paragraph (1) must remain in an arrangement which—
a
meets the conditions for use as the default arrangement of the applicable scheme, and
b
complies with Chapter 1 of Part 2 of the Charges and Governance Regulations (restrictions on charges: default arrangements).