405. Further provisions concerning exercise of option to take cash equivalent.

Where:

  1.  

    (1)     the trustees or managers1 of an occupational pension scheme2, or of a personal pension scheme3, are able or willing to accept a transfer payment only in respect of a member's rights other than his transferrable rights to guaranteed minimum pensions4, his transferrable rights so far as attributable to service in contracted-out employment5 on or after the principal appointed day6; and

  2.  

    (2)     the member has not required the trustees or managers of the scheme from which he is being transferred to use the portion of his cash equivalent which represents those transferrable rights in any of the specified