17.—(1) If the trustees of a collective money purchase scheme that is pursuing continuity option 1 receive notice from a beneficiary in accordance with paragraph 14, they must arrange for the scheme’s liability to the beneficiary in respect of the beneficiary’s accrued rights to benefits under the scheme to be discharged as specified in the notice.N.I.
(2) If the trustees do not receive notice from a beneficiary in accordance with paragraph 14, they must arrange for the scheme’s liability to the beneficiary in respect of the beneficiary’s accrued rights to benefits under the scheme to be discharged in accordance with the default discharge option.
(3) When the trustees have arranged for the scheme’s liability to a beneficiary to be discharged in accordance with sub-paragraph (1) or (2) they must notify the beneficiary of—
(a)the value of the beneficiary’s accrued rights to benefits under the scheme;
(b)any reductions made in accordance with paragraph 5(3), and
(c)who has or will become liable for the payment of benefits to the beneficiary when the scheme’s liability to the beneficiary in respect of the value of the beneficiary’s accrued rights to benefits under the scheme is discharged.
Commencement Information
I1Sch. 6 para. 17 in operation at 26.1.2024, see reg. 1