SCHEDULE 5 Pension Credits: Mode of Discharge
Welfare Reform and Pensions Act 1999 (1999 c 30) | Legislation

SCHEDULE 5 Pension Credits: Mode of Discharge

Section 35

Funded pension schemes

1

(1)     This paragraph applies to a pension credit which derives from—

(a)     a funded occupational pension scheme, or

(b)     a personal pension scheme.

(2)     The trustees or managers of the scheme from which a pension credit to which this paragraph applies derives may discharge their liability in respect of the credit by conferring appropriate rights under that scheme on the person entitled to the credit—

(a)     with his consent, or

(b)     in accordance with regulations made by the Secretary of State.

(3)     The trustees or managers of the scheme from which a pension credit to which this paragraph applies derives may discharge their liability in respect of the credit by paying the amount of the credit to the person responsible for a qualifying arrangement with a view to acquiring rights under that arrangement for the person entitled to the credit if—

(a)     the qualifying arrangement is not disqualified as a destination for the credit,

(b)     the person responsible for that arrangement is able and willing to accept payment in respect of the credit, and

(c)     payment is made with the consent of the person

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