PART 10Transfers

CHAPTER 2Transfers on a cash equivalent basis

SECTION 3Transfers in

Application for acceptance of a transfer value198

1

A person (P) may apply for payment of a transfer value to be accepted from—

a

another registered pension scheme; or

b

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 sending scheme”).

2

The application must—

a

be made within 12 months after the day on which P enters pensionable service under this scheme;

b

be by written notice to the scheme manager;

c

specify the pension scheme from which the transfer value will be received; and

d

meet any other conditions the scheme manager requires.

Acceptance of a transfer value199

1

The scheme manager may not accept payment of a transfer value from the sending scheme if—

a

P has reached 75;

b

retirement benefits have become payable to P under this scheme or under the sending scheme; or

c

the sending scheme was a money purchase arrangement to which P’s previous employer made no contribution.

2

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

Amount of transferred pension200

The amount of transferred pension a person is entitled to count under this Part is an amount determined by the scheme manager.