417. Duties of trustees or managers following exercise of right.

The following provisions1 apply where a member2 of an occupational pension scheme3 has exercised a right4 to a cash transfer or contribution refund5. Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member's notice6. When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation: (1) in respect of any rights (including conditional rights)