Insertion of Schedule 2A into the principal Regulations
10. After Schedule 2 of the principal Regulations there shall be inserted the following Schedule—
Regulation 2B
“SCHEDULE 2ACONDITIONS ON WHICH A TRANSFER PAYMENT MAY BE MADE UNDER REGULATION 2B
1. The transferring scheme or the transferring policy makes a transfer payment (whether or not it forms part of a larger payment in respect of both guaranteed minimum pensions and other accrued rights) of an amount at least equal to the cash value of the earner’s accrued rights to guaranteed minimum pensions, as calculated and verified in a manner consistent with Regulations made under paragraph 14 of Schedule 1A to the Act.
2. The receiving scheme makes provision that the transfer payment will be applied so as to provide money purchase benefits for or in respect of the earner under the scheme.
3. The transfer payment is approved by the Board whether or not subject to conditions.”.