408. Trustees' duties after exercise of option.

408.     Trustees' duties after exercise of option.

Where a member1 has exercised the option to take a cash equivalent2 and the trustees or managers3 of the scheme have done what is needed to carry out what the member requires, the trustees or managers are discharged from any obligation to provide benefits to which the cash equivalent related except, in specified cases4, to the extent that an obligation to provide guaranteed minimum pensions5 continues to subsist6. Subject to the following provisions, if the trustees or managers of a scheme receive an application for taking a cash equivalent7, they