Commentary on Sections Summary Discharge of Board’s liabilities Section 170: Discharge of liabilities in respect of money purchase benefits
630.Subsection (1) provides for this section to apply where the Board assumes responsibility for an eligible scheme and one or more members have accrued rights under the scheme to money purchase benefits. Subsection (2) provides for regulations to require the Board to ensure that liabilities in respect of money purchase benefits transferred to the Board under section 161(effect of Board assuming responsibility for a scheme) are discharged in a prescribed manner. Subsection (3) provides for regulations under subsection (2) to include provision prescribing the manner in which protected rights (within the meaning of section 10 of the Pensions Schemes Act 1993 (civil penalties)) are disbursed.