259. Discharge of liabilities by insurance etc; in general.

The following provisions apply where an occupational pension scheme1 is being wound up2. A liability to or in respect of a member3 of the scheme in respect of pensions or other benefits is to be treated as discharged (to the extent that it would not be so treated apart from these provisions) if the trustees or managers4 of the scheme have, in accordance with prescribed5 arrangements, provided for the discharge of the liability in one or more of the ways mentioned in heads (1) to (5) below6.

The ways so referred to are:

  1.  

    (1)     by acquiring transfer credits7 allowed under

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