384. Form of short service benefit and its alternatives.

384.     Form of short service benefit and its alternatives.

Subject to certain exceptions1, a member's2 short service benefit3 must be payable directly out of the resources4 of the scheme5 or assured to him by such means as may be prescribed6. A scheme may, instead of providing short service benefit, provide:

  1.  

    (1)     for the member's accrued rights7 (including any transfer credits allowed under the scheme):

    1.  

      (a)     to be transferred to another occupational pension scheme8 with a view to acquiring transfer credits for the member under the other scheme; or

    2.  

      (b)     to be transferred to a personal pension scheme9