10.—(1) Subject to paragraph (2), the Department shall, in circumstances where a transfer payment in respect of a person is provided and used in accordance with regulation 53 of the 1995 Regulations (Member’s right to transfer or buy-out), pay a transfer value representing the value of investments made under regulation 7(1), 8(2) or 9(4) at that person’s option to one of the following schemes in which the person may be participating—
(a)an approved scheme which provides additional benefits through additional voluntary contributions but does not fall within section 591(2)(h) of the Taxes Act (discretionary approval);
(b)a personal pension scheme; or
(c)any other arrangement which has been approved by the Board of Inland Revenue to accept transfer payments, provided that the transfer value shall not be used to purchase benefits in the form of a tax free lump sum.
(2) Where the Department is required to make a transfer payment it shall do so by whichever is the earlier of—
(a)the date being a date within six months of the guarantee date; or
(b)if the person in respect of whom the transfer payment is to be made—
(i)ceased to be subject to the 1995 Regulations on a date prior to his attaining the age of 59 years; and
(ii)made his application for a transfer payment within 6 months of that date, the date on which he attains the age of 60 years.
(3) In this regulation “the guarantee date” has the meaning given to it in section 89A of the Pensions Schemes (Northern Ireland) Act 1993(1).
Section 89A was inserted by S.I. 1995/3213 (N.I. 22) Article 149