Payment of a transfer valueN.I.
203.—(1) On receipt of the application under regulation 202, the Department may make a transfer value payment in respect of P.
(2) A member of this scheme may only require the Department to use a transfer value in a way specified in section 91(2) of the Pension Schemes Act.
(3) The whole of the transfer value must be applied.
(4) A transfer value payment in respect of a member's accrued rights under this scheme may only be made to the receiving scheme.
(5) A transfer value payment in respect of any pension credit rights or pension credit benefits must not be made under this regulation.
(6) If a transfer value payment is made in respect of a person's rights under this scheme, those rights are extinguished.