A member who has applied for and received a statement of entitlement under regulation 221 may apply in writing to the Department for a transfer value payment to be made.

On making such an application a member becomes entitled to a payment of an amount equal, or amounts equal in aggregate, to the amount specified in the statement of entitlement (or such other amount as may be payable by virtue of regulation 223(2)).

In this Part such a payment is referred to as “the guaranteed cash equivalent transfer value payment”.

The application must specify the pension scheme or other arrangement to which the payment or payments should be applied.

The application must meet such other conditions as the Department may require.

An application under this regulation may be withdrawn by notice in writing to the Department, unless an agreement for the application of the whole or part of the guaranteed cash equivalent transfer value payment has been entered into with a third party before the notice is given.