SECTION 2Transfers Out
Application of this Section
194.—(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 entitlement
195.—(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 value
196.—(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 value
197.—(1) On receipt of the application under regulation 196, 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.