(1) The persons who are parties to a retirement annuity contract may, by mutual agreement and subject to and in accordance with regulations, cancel the contract and effect a transfer of the assets the subject of that contract into one or more than one PRSA.
(2) Where a defined contribution scheme is to be terminated and its assets transferred to one or more than one PRSA established in respect of the members of the scheme, the employer who operates the scheme shall ensure that all relevant information relating to the termination of the trust and the conclusion of a PRSA contract as may be prescribed is made available in writing to the members of the said scheme at least 3 months before any transfer from or termination of the trust is made or effected.