reg 7 Funded pension schemes
(1) The circumstances in which the trustees or managers of a scheme, to which paragraph 1 of Schedule 5 to the 1999 Act applies, may discharge their liability in respect of a pension credit in accordance with sub-paragraph (2)(b) of that paragraph are where— (a) the person entitled to the credit has failed to provide his consent in accordance with paragraph 1(2)(a) and (4) of that Schedule; and (b) the circumstances set out in paragraph 1(3) of that Schedule do not apply. (2) The circumstances in which the trustees or managers of a scheme, to which paragraph 1 of Schedule 5 to the 1999 Act applies, may discharge their liability in respect of a pension credit in accordance with sub-paragraph (3)(c) of that paragraph are where— (a) the person entitled to the credit has failed to provide his consent in accordance with paragraph 1(3)(c) of that Schedule; and (b) either— (i) the person entitled to the pension credit has failed to provide his consent in accordance with paragraph 1(2)(a) and (4) of that Schedule; or (ii) the trustees or managers of the scheme have not discharged their liability in accordance with paragraph (1) above.