Acceptance of transfer value payments
80.—(1) Subject to paragraph (3) and paragraphs (2) and (3) of article 56 (reckoning of pensionable service), where an application is duly made by a member under article 78, the Board may accept the transfer value payment.
(2) If the Board accepts the payment, the member is entitled to count the period calculated in accordance with article 81 as pensionable service for the purposes of this Scheme.
(3) The Board may not accept a transfer value payment if—
(a)it would be paid otherwise than under public sector transfer arrangements;
(b)it would be applied in whole or in part in respect of the member’s or the member’s spouse’s or civil partner’s entitlement to a guaranteed minimum pension; and
(c)it is less than the amount required for that purpose, as calculated in accordance with guidance and tables prepared by the Scheme Actuary for the purposes of this paragraph.