Yn ddilys o 01/12/1999
[F197E Discharge of liability where pension credit or alternative benefits secured by insurance policies or annuity contracts.N.I.
(1)A transaction to which section 15 applies discharges the trustees or managers of a scheme from their liability to provide pension credit benefit or any alternative to pension credit benefit for or in respect of a member of the scheme if and to the extent that—
(a)it results in pension credit benefit, or any alternative to pension credit benefit, for or in respect of the member being appropriately secured (within the meaning of that section),
(b)the transaction is entered into with the consent of the member or, if the member has died, of the member’s widow or widower, and
(c)such requirements as may be prescribed are met.
(2)Regulations may provide that subsection (1)(b) shall not apply in prescribed circumstances.]
Textual Amendments
F1Pt. 4A Chapters 1, 2 (ss. 97A-97Q) inserted (1.12.1999 for certain purposes and otherwise 1.12.2000) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 34; S.R. 2000/133, art. 2(3), Sch. Pt. IV