441. Transfer of liabilities in relation to schemes contracted-out on or after 6 April 1997.

441.     Transfer of liabilities in relation to schemes contracted-out on or after 6 April 1997.

Regulations may prohibit or restrict, except in prescribed circumstances or on prescribed conditions:

  1.  

    (1)     the transfer of any liability for the payment of pensions under a relevant scheme1, or in respect of accrued rights2 to such pensions;

  2.  

    (2)     the discharge of any liability to provide pensions under a relevant scheme; or

  3.  

    (3)     the payment of a lump sum instead of a pension payable under a relevant scheme3.