388. Discharge of liability where short service or alternative benefits secured.

A transaction which constitutes: (1) the taking out of a policy of insurance or a number of such policies; (2) the entry into an annuity contract or a number of such contracts; or (3) the transfer of the benefit of such a policy or policies or such a contract or contracts1, discharges the trustees or managers2 of an occupational pension scheme3 from their liability to provide for or in respect of any person short service benefit