Transfer payments made to other schemes or pension arrangements
142.—(1) A transfer payment may only be made in respect of the accrued rights to benefits of an active or deferred member of this scheme.
(2) A transfer payment may only be made to—
(a)a registered pension scheme that is not a connected scheme; or
(b)a pension arrangement that is a qualifying recognised overseas pension scheme for the purposes of Part 4 (pension schemes etc.) of the 2004 Act (see section 169(2)(1) (recognised transfers) of the Act).
(3) A transfer payment may not be made in respect of rights that are attributable (directly or indirectly) to a pension credit.
(4) A member may only require the scheme manager to use a transfer payment in a way specified in section 91(2) (ways of taking right to cash equivalent) of the 1993 Act(2).
(5) A member may only require the scheme manager to make a club transfer value payment during the period of 12 months beginning with the day on which the member becomes eligible to be an active member of the scheme to which the payment is to be made.
(6) The whole of the transfer payment must be made in accordance with the provisions of this regulation.
(7) If section 92(2) (further provisions concerning exercise of option under section 91) of the 1993 Act(3) applies, benefits attributable to the following may be excluded from the transfer payment—
(a)the member’s accrued rights to a guaranteed minimum pension; or
(b)the member’s accrued rights attributable to service in contracted-out employment within the meaning of Part 3 (certification of pension schemes and effects on members’ state scheme rights and duties) of the 1993 Act, on or after 6 April 1997.
Section 169(2) was amended by Finance Act 2013 (c.29) section 53(2) and (3)
Section 91(2)(c) was amended by S.I. 2001/3649, Arts.133
Section 92(2) was amended by the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213) Art.147 and Sch.3 para.53(a), the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147) Arts.17,76, Sch.2 para.2(2)(b) and Sch.10 Pt 1, the Pensions Act (Northern Ireland) 2008 (2008 c.1) sections 13,19 ,Sch.4 para.29 and Sch.6 Pt.6 and the Pensions (2008 No.2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012 No. 124) Art.4(14)(a)