A transaction which comprises:
(1) the taking out of a policy of insurance or a number of such policies1;
(2) the entry into an annuity contract or a number of such contracts2;
(3) the transfer of the benefit of such a policy or policies or such a contract or contracts3,
discharges the trustees or managers4 of an occupational pension scheme5 from their liability to provide for or in respect of any person guaranteed minimum pensions6:
(a) if it is carried out not earlier than the time when that person's pensionable service7 terminates8; and
(b) if and to the extent that
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