438. Transfer of accrued rights.

Regulations1 may prescribe2 circumstances in which and conditions subject to which a transfer of, or a transfer payment in respect of:

  1.  

    (1)     an earner's3 accrued rights to guaranteed minimum pensions4 under a scheme that was a contracted-out scheme5;

  2.  

    (2)     an earner's accrued rights to pensions under an occupational pension scheme6 to the extent that those rights derive from his accrued rights to guaranteed minimum pensions under a scheme that was a contracted-out scheme; or

  3.  

    (3)     the liability for the payment of guaranteed minimum pensions to or in respect of any person who has become entitled to them,

may be made