Section 170 — Pensions Act 2004: Discharge of liabilities in respect of money purchase benefits

Discharge of liabilities in respect of money purchase benefits 170 1 This subsection applies where—

a the Board assumes responsibility for an eligible scheme in accordance with this Chapter, and b one or more members are entitled, or have accrued rights, under the scheme rules to money purchase benefits.

2 Regulations must make provision in respect of cases to which subsection (1) applies requiring the Board to secure that liabilities in respect of such benefits transferred to the Board under section 161 are discharged by it in the prescribed manner. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 In this section— “accrued rights”, under the scheme rules of a scheme, include pension credit rights within the meaning of section 124(1) of the Pensions Act 1995 (c. 26); ...