s 2 Transfer and revaluation.
The Social Security Pensions Act 1975 shall be amended in accordance with Schedule 1 to this Act— (a) to introduce a premium payable in certain cases where an earner ceases to be in employment to which an occupational pension scheme applies and there is a transfer of his accrued rights; (b) to provide for the extinguishment of the liability of schemes to provide benefits which are secured by policies of insurance or annuity contracts; (c) to make further provision as to the revaluation of benefits under schemes; and (d) to ensure that schemes provide transfer values for their members.