Closure of pension accounts on transfer out or repayment of balance of contributionsE+W
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25.—(1) All pension accounts relating to a member (other than a pension credit member's account) must be closed if—
(a)a transfer payment is made in respect of the member's accrued rights under this scheme; or
(b)the member is repaid the balance of contributions under regulation 41.
(2) Paragraph (1) does not require the scheme manager to close an account that includes amounts to which the transfer payment or the refund 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.