Where the Board of the Pension Protection Fund1 assumes responsibility for an eligible scheme2, the Board may provide for the discharge of any liability imposed on it3 to provide compensation: (1) by the taking out of a policy of insurance or a number of such policies; (2) by the entry into an annuity4 contract or a number of such contracts; (3) by the transfer of the benefit of such a policy or policies or such a contract or contracts; (4) in prescribed
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