PART 5Pension accounts
CHAPTER 4Pension accounts: general
Closure and adjustment of pension accounts on transfer out35
1
Except as otherwise provided in this regulation, the scheme manager must close all pension accounts relating to a member of this scheme if—
a
a transfer value payment is made in respect of the member's accrued rights under this scheme; or
b
all members' contributions and payments for extra pension made by the member are refunded to the member under Part 9.
2
Paragraph (1) does not require the scheme manager to close an account that includes amounts to which the transfer value payment does not relate or is not attributable.
3
An account that is not closed because of paragraph (2) must be adjusted as the scheme manager considers appropriate to reflect the extinguishment of rights under this scheme.
4
Paragraph (1)(a) does not require the scheme manager to close a pension credit member's account if the transfer value payment is made in respect of the accrued rights of a member who is both—
a
a pension credit member of this scheme; and
b
an active member, deferred member or pensioner member of this scheme.