PART 10Transfers

CHAPTER 2Transfers on a cash equivalent basis

SECTION 2Transfers Out

Application of this Section194

1

This Section applies to a person (P) who—

a

has left all pensionable service under this scheme;

b

has become subject to—

i

another registered pension scheme which is not a connected scheme; or

ii

a qualifying recognised overseas pension scheme for the purposes of Part 4 of FA 2004 (see section 169(2) of that Act); (in either case, referred to in this Section as “the receiving scheme”), and

c

has not reached normal pension age.

2

This Section does not apply if—

a

P is not qualified for retirement benefits under this scheme and a repayment of the balance of contributions has been made to P; or

b

P is qualified for retirement benefits under this scheme and a retirement pension (other than a phased retirement pension) or a short-service ill health grant has become payable to P in respect of that pensionable service.

Application for a statement of entitlement195

1

A person (P) may apply for a statement of entitlement by written notice to the scheme manager.

2

The application must be made within 12 months after the day on which P becomes subject to the receiving scheme.

Application for payment of a transfer value196

1

A person who is provided with a statement of entitlement may apply for a transfer value to be paid to the receiving scheme.

2

The application must—

a

be made within 12 months after the day on which P becomes subject to the receiving scheme;

b

be by notice to the scheme manager;

c

specify the pension scheme or other pension arrangement to which the transfer value is to be paid; and

d

meet any other conditions the scheme manager requires.

Payment of a transfer value197

1

On receipt of the application under regulation 202, the scheme manager may make a transfer value payment in respect of P.

2

A member of this scheme may only require the scheme manager to use a transfer value in a way specified in section 95(2) of PSA 1993.

3

The whole of the transfer value must be applied.

4

A transfer value payment in respect of a member’s accrued rights under this scheme may only be made to the receiving scheme.

5

A transfer value payment in respect of any pension credit rights or pension credit benefits must not be made under this regulation.

6

If a transfer value payment is made in respect of a person’s rights under this scheme, those rights are extinguished.