10Protected rights and money purchase benefits
(1)Subject to subsections (2) and (3), the protected rights of a member of a pension scheme are his rights to money purchase benefits under the scheme.
(2)If the rules of an occupational pension scheme so provide, a member’s protected rights are—
(a)his rights under the scheme which derive from the payment of minimum payments together with any payments by the Secretary of State to the scheme under section 7 of the [1986 c. 50.] Social Security Act 1986 in respect of the member;
(b)any rights of the member to money purchase benefits which derive from protected rights under another occupational pension scheme or under a personal pension scheme which have been the subject of a transfer payment; and
(c)such other rights as may be prescribed.
(3)If the rules of a personal pension scheme so provide, a member’s protected rights are—
(a)his rights under the scheme which derive from any payment of minimum contributions to the scheme; and
(b)any rights of his to money purchase benefits which derive from protected rights under another personal pension scheme or protected rights under an occupational pension scheme which have been the subject of a transfer payment; and
(c)such other rights as may be prescribed.