The Firemen’s Pension Scheme Order (Northern Ireland) 2006

Articles 60(6) and 64(11)

PART IV AMOUNT OF TRANSFER VALUE

1.  A transfer value is calculated on the cash equivalent basis if it is calculated in the manner prescribed under section 93(1) of the Pension Schemes (Northern Ireland) Act 1993 for the calculation of cash equivalents.

2.  Where—

(a) a transfer value is payable to the scheme managers of a club scheme or a personal pension scheme; or

(b) a transfer value is payable to the scheme managers of an approved scheme which is not a club scheme and none of the service to which it relates is service before lst October 1990,

and no right to a cash equivalent was acquired, the transfer value is to be calculated on the cash equivalent basis.

3.  Where—

(a) a transfer value is payable to the scheme managers of an approved scheme which is not a club scheme; and

(b) the service to which it relates includes service before lst October 1990; and

(c) no right to a cash equivalent was acquired,

the amount of the transfer value is the total of A and the greater of B and C, where—

• A is a notional transfer value, calculated on the cash equivalent basis, in respect of the person’s service after 30th September 1990,

• B is a notional transfer value, calculated on the cash equivalent basis, in respect of his service before lst October 1990, and

• C is a notional transfer payment, calculated in accordance with Part III, in respect of his service before lst October 1990.

4.  Where—

(a) a transfer value is payable to the scheme managers of an approved scheme which is not a club scheme; and

(b) the service to which it relates includes service before lst October 1990, and

(c) a right to a cash equivalent was acquired,

the amount of the transfer value is D − E, where—

• D is the transfer value that would have been payable if paragraph 3 had applied, and

• E is the amount of the cash equivalent.

5.—(1) Where—

(a) a transfer value is payable to the scheme managers of a personal pension scheme; and

(b) a right to a part cash equivalent was acquired,

the transfer value is to be calculated on the cash equivalent basis as if the person’s service as a regular fireman had ended with 5th April 1988.

(2) In the case of a pension debit member, the sum payable is reduced in accordance with such guidance as is provided for that purpose by the Government Actuary.

6.  In the case of a pension debit member, the sum payable is reduced by such amount as is calculated in accordance with such guidance as is provided for the purpose by the Government Actuary.