Restrictions on transfers

(1) If a defined benefit plan’s transfer ratio is less than 0.9, then only the actuarial equivalent less the transfer deficiency may be transferred from the Plan in accordance with section 39 of the Act. CAP. 30:01. Private Pensions 35 (2) The amount of the transfer deficiency plus interest shall be transferred in equal amounts over a five-year period. (3) Notwithstanding subregulation (1), the full actuarial equivalent may be transferred if the employer remits the full amount of the transfer deficiency to the pension fund.