The National Health Service Superannuation Scheme (Scotland) Regulations 2011

Amount of member’s cash equivalent

M3.—(1) Subject to the following provisions of this regulation, the member’s guaranteed cash equivalent will be equal to the capitalised value of all the member’s accrued rights to benefits under this Section of the scheme and any associated rights under Part I of the Pensions (Increase) Act 1971(1).

(2) The Scottish Ministers must—

(a) take advice from the scheme actuary before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent; and

(b) calculate and verify the amount of the guaranteed cash equivalent in accordance with the Occupational Pension Scheme (Transfer Values) Regulations 1996(2).

(3) Except in the case of a transfer payment accepted under regulation N5 (transfers in respect of members to whom regulation B6 applies who elect to rejoin this Section of the scheme), a member’s cash equivalent will be at least equal to the amount of any transfer payments accepted in respect of the member under regulation N1(5) (member’s right to transfer accrued rights to benefits to this Section of the scheme), plus the amount of the member’s contributions to this Section of the scheme.

(4) If a member’s cash equivalent is used to acquire rights under another occupational pension scheme, any part of the cash equivalent that relates to service before 29th January 1988 will be calculated as described in the 1980 Regulations as applicable immediately before that date, if this would be more favourable to the member.

(5) If the transfer value payment is made under the public sector transfer arrangements, the amount of the transfer value payment is calculated—

(a) in accordance with those arrangements rather than paragraphs (2) and (3); and

(b) by reference to the guidance and tables provided by the scheme actuary for the purposes of this paragraph that are in use on the date used for the calculation.

(6) In any case where the Scottish Ministers have directed, under regulation T7 (loss of rights to benefits), that part of a member’s benefits under these Regulations is forfeited, the cash equivalent payable in respect of that member will be reduced by the capitalised value of the forfeited part of those benefits.

(1)

1971 c.56.

(2)

S.I. 1996/1847.