SCHEDULES
SCHEDULE 17Automatic transfer of pension benefits etc
Part 1Automatic transfer of pension benefits
Automatic transfer scheme to request transfer of cash equivalent
3
1
The regulations must require the trustees or managers of an automatic transfer scheme to give a transfer notice if—
a
they find out that a qualifying member of the scheme has transferable benefits under another pension scheme, and
b
any other prescribed conditions are met.
2
A “transfer notice” is a notice given to the trustees or managers of the other pension scheme requesting the transfer of the cash equivalent of the transferable benefits to the automatic transfer scheme.
3
The conditions that may be prescribed because of sub-paragraph (1)(b) include a condition that the trustees or managers must not give a transfer notice unless the qualifying member consents in accordance with the regulations.