Section 30: Transfer or amalgamation

30. Transfer or amalgamation (1) No transaction to which a private pension scheme is a party and which constitutes an agreement by which all or any part of the scheme is transferred to another person, or by which an amalgamation is effected, shall have effect without the approval of the Commission. (2) The transfer or amalgamation of a private pension scheme shall be made in such manner and method as may be specified in FSC Rules or as the Commission may determine. (3) Notwithstanding subsections (1) and (2), the transfer of a member from one private pension scheme to another may be effected in such manner as may be specified in FSC Rules or determined by the Commission, where— (a) in the case of a private pension scheme which is exempt from actuarial valuations, the transferring pension scheme and the receiving pension scheme provide the member with written confirmation of the amounts transferred and received, and such amounts shall be acknowledged by the relevant member in writing and reported in the annual returns of both the transferring pension scheme and receiving pension scheme; or (b) in the case of a private pension scheme which is not exempt from actuarial valuations, the transferring pension scheme and receiving pension scheme provide the member with a written confirmation of the amounts transferred and received, and such amounts shall be— (i) determined in accordance with the methodology and basis provided by the actuary of the relevant private pension scheme; and (ii) acknowledged by the member in writing and reported in the annual returns of both the transferring pension scheme and receiving pension scheme. (4) Any transfer of a member from a private pension scheme to another which is not in compliance with the requirements of this section shall be null and void.