The Teachers' Superannuation (Scotland) Regulations 2005

PART III INTERPRETATION

14.  In this Schedule–

(a) “accrued rights” means the rights which have accrued in respect of a teacher under these Regulations at the material date, or which would have accrued in respect of him or her if the period of service necessary to satisfy the requirements of regulation E5 had been the period which he or she had completed at that date;

(b) “appropriate date” means the date on which the person in respect of whom the transfer value is paid became employed in pensionable employment or, if the transfer value is received more than 12 months after that date, the date on which it is received;

(c) “capitalised value” means the capitalised value at the material date as determined by the Scottish Ministers, having regard to investment conditions and the contingencies on which benefits are, or are to be, payable under these Regulations;

(d) “club scheme” means an occupational pension scheme which–

(i) is a contracted-out scheme;

(ii) provides benefits calculated by reference to the remuneration of the participant;

(iii) is open to new members or, if it is a closed scheme, its trustees or managers also manage an open scheme which is a club member for new recruits of the same grade or level of post as the participants in the closed scheme;

(iv) has undertaken to comply with the reciprocal arrangements for the payment and receipt of transfer values agreed from time to time between members of the club; and

(v) is approved for the purposes of this Schedule by the Treasury; and

(e) “protected rights” has the same meaning as in section 10 of the 1993 Act(1).

(1)

1993 c. 48. Section 10 is amended by the Social Security Contributions (Transfer of Functions etc) Act 1999 (c. 2), Schedule 1, paragraph 36 and the Welfare Reform and Pensions Act 1999 (c. 30) section 32 and is prospectively amended by the Pensions Act 1995 (c. 26) Schedule 5, paragraph 25 and the Proceeds of Crime Act 2002 (c. 29), Schedule 11, paragraph 22.