418. Powers of trustees or managers where right not exercised.

The following provisions1 apply where: (1) a member2 of an occupational pension scheme3 does not exercise a right acquired by him4 to a cash transfer or contribution refund on or before the reply date5 or such later date as the trustees or managers of the scheme allow in his case6; and (2) the trustees or managers of the scheme have notified7 the member as statutorily provided8. The trustees or managers may within a reasonable period beginning with the reply date or, if a later date has been allowed9, that later date, pay the contribution refund to the member10.

When the