PART 7Transfers

CHAPTER 2Transfers values

SECTION 2Transfers out

Application for statement of entitlement134

1

A member (M) who requires a transfer value payment to be made must apply in writing to the scheme manager for a statement of entitlement.

2

M may withdraw the application by notice in writing at any time before the statement of entitlement is provided.

3

The guarantee date is a date that—

a

is within the required period;

b

is chosen by the scheme manager;

c

is specified in the statement of entitlement; and

d

is not more than 10 days after the date on which M is provided with the statement of entitlement.

4

In paragraph (3), the required period is—

a

the period of 3 months beginning with the date of M’s application for a statement of entitlement, or

b

such longer period (not exceeding 6 months) beginning with that date as may reasonably be required if, for reasons beyond the control of the scheme manager, the information required to calculate the cash equivalent cannot be obtained.

5

For the purposes of paragraph (3)(d), Saturdays, Sundays, Christmas Day, New Year’s Day and Good Friday must be ignored.