In most cases a transfer out of the scheme are not permitted if the scheme is being assessed, except for:

• requested and accepted the transfer value in writing before the assessment date (and also CETV quoted is still valid); and
• has designated a scheme willing to accept that transfer value plus they have completed all paperwork required by the scheme the funds are to be transferred.

The trustees will only pay the transfer if:

• they are satisfied that they can still meet their objective of ensuring that protected liabilities do not exceed assets (or that where they do, the excess is kept to a minimum); and
• they reduce the transfer payment to ensure that it does not exceed the cost of securing the benefits that would be payable if the PPF were to assume