11Transfer of existing policy

11 Transfer of existing policy

11.1 The Council may agree to accept for the purposes of the Scheme an existing policy of assurance on the life of a member in lieu of the policy required to be effected under section 10, if the policy is transferred in statutory form to the University and at the date of the transfer is not encumbered.

11.2 This section does not apply to an existing policy unless:

 (a) the conditions of the policy are in accordance with the requirements of this Statute as to policies for the purposes of the Scheme; or

 (b) the policy has been accepted for the purposes of the Federated Superannuation System for Universities (Great Britain).