Ways in which transfer value payments may be applied
3.F.5.—(1) A member may only require the Scottish Ministers to apply the guaranteed cash equivalent transfer value payment in one or more of the ways permitted under section 95 (ways of taking right to cash equivalent) of the 1993 Act.
(2) Paragraph (1) applies whether or not the member is entitled to a guaranteed cash equivalent transfer value payment under Chapter 4 (transfer values) of Part 4 of the 1993 Act.
(3) The whole of the guaranteed cash equivalent transfer value payment must be applied, unless paragraph (4) applies.
(4) The benefits attributable to—
(a)the member’s accrued rights to a guaranteed minimum pension; or
(b)the member’s accrued rights attributable to service in contracted-out employment on or after 6th April 1997,
is to be excluded from the guaranteed cash equivalent transfer value payment if section 96(2) (trustees or managers of certain receiving schemes or arrangements able and willing to accept a transfer payment only in respect of the member’s other rights) of the 1993 Act applies.
(5) A transfer payment may only be made to—
(a)a pension scheme that is registered under Chapter 2 (registration of pension schemes) 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) (recognised charges) of the 2004 Act).