PART 7Transfers
CHAPTER 2Transfers values
SECTION 2Transfers out
How transfer value payments may be applied137
1
If Chapter 4 of Part 4 of the 1993 Act apples to a member (M), (M) may require the scheme manager to apply the guaranteed cash equivalent value payment only in one or more of the ways permitted under section 91 of the 1993 Act M1.
2
In any other case, M may require the scheme manager to apply the guaranteed cash equivalent transfer value payment only in one of the ways permitted under section 97AE of the 1993 Act M2.
3
The whole of the guaranteed cash equivalent transfer value payment must be applied, unless paragraph (4) applies.
4
Benefits attributable to—
a
M's accrued rights to a guaranteed minimum pension, or
b
M's accrued rights attributable to service in a contracted-out employment (within the meaning of section 4 of the 1993 Act M3) on or after 6th April 1997,
may be excluded from the guaranteed cash equivalent payment if section 92(2) of the 1993 Act M4 applies (trustees or managers of certain receiving schemes or arrangements able and willing to accept a transfer payment only in respect of the members other rights).
5
A transfer payment may be made only to—
a
a pension scheme (other than a connected scheme) that is registered under Chapter 2 of Part 4 of the 2004 Act, or
b
an arrangement that is a qualifying recognised overseas pension scheme for the purposes of that Part (see section 169(2) of that Act) M5.