PART 10Transfers

CHAPTER 3Club transfers

SECTION 3Transfers in

Acceptance of a club transfer value207

1

On receipt of an application, the scheme manager may accept payment of a club transfer value from another club scheme (“the sending scheme”) if—

a

P has not reached 75;

b

retirement benefits have not become payable to P under this scheme or under the sending scheme; and

c

the sending scheme was a money purchase arrangement to which P’s previous employer made contributions.

2

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