31Amounts transferable on exercise of option

31 Amounts transferable on exercise of option

31 Amounts transferable on exercise of option

(1) On the exercise by a person of a transfer option, there is payable by the trustee of the transferor scheme to the trustee of the transferee scheme:

(a) an eligible termination payment calculated in accordance with clause 32, and

(b) the difference between:

(i) the sum of the primary and supplementary amounts calculated in accordance with clauses 33 and 34, and

(ii) the eligible termination payment referred to in paragraph (a).

(2) It is the duty of scheme trustees to ensure that the payments prescribed by this clause are duly made and credited to the appropriate accounts for the employee concerned in the transferee scheme.

cl 31: Ins 1.10.1999.