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The Local Government Superannuation (Scotland) Amendment (No. 3) Regulations 1997

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Calculation of transfer value

4.—(1) Where a person to whom regulation G6 of the principal Regulations (as added by these Regulations) applies gives written notice to the fund authority within 3 months of becoming a pensionable employee as described in regulation G6(1)(b) or of being given relevant bulk transfer information and option forms, whichever is the later, that he wishes them to accept a transfer value, calculated under bulk transfer terms, in respect of all his accrued rights from the National Health Service Superannuation Scheme for Scotland, the transfer value in respect of those rights shall be calculated in accordance with paragraph (2) and the provisions of paragraph (3) shall apply in relation to that person.

(2) The transfer value shall be such amount as shall be agreed between the Government Actuary and the actuary to the appropriate superannuation fund and shall be adjusted to take account of any period between the date the person becomes a pensionable employee and the date of actual payment of the transfer value as those actuaries shall agree.

(3) In the event of the actuaries being unable to agree either the amount or the period mentioned in paragraph (2), the question shall be referred to an actuary appointed by the Secretary of State to make a determination which shall be final.

(4) The period which shall be counted under regulation J9(1)(a) of the principal Regulations in relation to the person shall, instead of being calculated in accordance with paragraph 2(1) of Schedule 17 to those Regulations, be equal to the actual length of his pensionable service under the National Health Service Superannuation Scheme for Scotland and the provisions of regulation J9(1)(a) shall be modified accordingly in relation to him.

(5) Paragraph (4) shall also apply in relation to a person to whom regulation G6 of the principal Regulations applies and who gives written notice to the fund authority under regulation J8(1) that he wishes them to accept an individual transfer value in respect of all his accrued rights from the National Health Service Superannuation Scheme for Scotland.

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