Transfer payments in respect of safeguarded rights—general
16.—(1) A transfer of liability from—
(a)a salary related contracted-out scheme (or a scheme which has ceased to be a salary related contracted-out scheme); or
(b)a money purchase contracted-out scheme or an appropriate scheme (or a scheme which has ceased to be a money purchase contracted-out scheme or an appropriate scheme),
may give effect to the safeguarded rights of a person entitled to a pension credit by the making of a transfer payment to a scheme referred to in paragraph (2).
(2) A transfer payment in respect of safeguarded rights may be made to—
(a)an appropriate scheme;
(b)a money purchase contracted-out scheme;
(c)a salary related contracted-out scheme;
(d)a personal pension scheme which has ceased to be an appropriate scheme; or
(e)an occupational pension scheme which has ceased to be contracted-out,
in accordance with regulations 17 to 19 and no such transfer may be made otherwise.
(3) In this regulation and in regulations 17 to 19 a “transfer payment” means a transfer payment such as is described in this regulation.