437. Discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts.

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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