Transfer Payments and Preserved Benefits

Part of New Clause 1 – in the House of Commons at 3:32 pm on 20th July 1987.

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(5) A scheme which after 1st January 1988 does not have rules so that the transfer payments and the preserved benefits payable under the scheme are to be calculated on terms at least as favourable to the beneficiaries as those specified in this section shall not qualify as an exempt approved scheme in respect of liabilities incurred after that date except by the permission of the Occupational Pensions Board.