Bulk transfers (transfers of undertakings) etc.
122.—(1) This paragraph applies where –
(a)two or more members' active membership ends on their joining an approved non-local government scheme (“the new scheme”);
(b)it is agreed by –
(i)the Committee,
(ii)the members' employing authorities (if different), and
(iii)the trustees or managers of the new scheme,
that a payment should be made under this regulation; and
(c)the members agree in writing that that payment should be made instead of any payment which they otherwise might require to be made under Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993 and waive any rights they might have under that Chapter by virtue of the cessation of their active membership.
(2) The Committee must not give its agreement under paragraph (1)(b) unless it is satisfied that the rights each of the members will acquire under the new scheme are at least equivalent to those which he would have obtained if a transfer value had been paid to the same scheme under Chapter IV of Part IV of the Pension Schemes (Northern Ireland) Act 1993, as it applies by virtue of regulation 119, (assuming in any case where the member would not be entitled to such a payment that he was).
(3) The Committee must provide each member with sufficient information in writing to check that the requirement of paragraph (2) is satisfied before he agrees as mentioned in paragraph (1)(c).
(4) Where paragraph (1) applies, the Committee must –
(a)set aside (whether in cash or in assets or both) such part of the fund (“the transfer payment”) as an actuary appointed by it and an actuary appointed by the scheme managers of the new scheme for the purpose may agree as appropriate for the acquisition of such rights in that scheme as they may so agree; and
(b)pay or transfer it to the trustees or managers of the new scheme for the benefit of the relevant members.
(5) The Committee must certify to the new scheme’s trustees or managers the amount included in the transfer payment which represents each member’s contributions.
(6) Where a transfer payment is to be or has been made under this regulation, no other payment or transfer of assets shall be made from the fund by reason of membership covered by the transfer payment.
(7) Paragraph (6) overrides anything to the contrary in the former Regulations or these Regulations.