Exercising a right to a transfer or a buy-out
M2.—(1) A member who wishes to exercise the member’s right to a transfer or a buy-out must apply in writing to the Scottish Ministers for a statement of the amount of the cash equivalent of the member’s accrued benefits under this Section of the scheme at the guarantee date (“statement of entitlement”).
(2) In these Regulations, “the guarantee date” means any date that—
(a)falls within the required period;
(b)is chosen by the Scottish Ministers;
(c)is specified in the statement of entitlement; and
(d)is within the period of 10 days ending with the date on which the member is provided with the statement of entitlement.
(3) In counting the period of 10 days referred to in paragraph (2)(d), Saturdays, Sundays, Christmas Day, New Year’s Day and Good Friday are excluded.
(4) In paragraph (2) “the required period” means—
(a)the period of 3 months beginning with the date of the member’s application for a statement of entitlement; or
(b)such longer period beginning with that date (but not exceeding six months) as may reasonably be required if, for reasons beyond the control of the Scottish Ministers, the requisite information cannot be obtained to calculate the amount of the cash equivalent.
(5) The member may withdraw the application for a statement of entitlement by notice in writing at any time before the statement is provided.