404. Ways of taking right to cash equivalent.

A member1 of a pension scheme who has acquired a right to take a cash equivalent2 may only take it by making an application in writing to the trustees or managers3 of the scheme requiring them to use the cash equivalent in one of the specified ways4.

In the case of a member of an occupational pension scheme5 that is not an unfunded public service defined benefits scheme6, the ways referred to are:


    (1)     for acquiring transfer credits7 allowed under the rules of another occupational pension scheme: (a) the trustees or managers of which are able and willing to accept