pension conversion

a transaction resulting from a decision of a retail client to require the trustees or managers of a pension scheme to:

1. (a) convert safeguarded benefits into different benefits that are flexible benefits under that pension scheme; or
1. (b) pay an uncrystallised funds pension lump sum in respect of any of the safeguarded benefits.

[Note: see article 53E(1)(c)(i) and (iii) of the RAO]