175.—(1) This regulation applies to a member who—
(a)receives a refund under regulation 166 (refund of all member contributions and payments for added pension made by the member); and
(b)enters new pension arrangements with a new employer.
(2) The member may request a transfer payment to be made under this Chapter to the new pension arrangements in respect of the member’s accrued rights to benefits under this scheme if the member repays to the scheme manager the amount refunded under regulation 166 and any interest payable under paragraph (3)—
(a)within 12 months of entering a new club scheme (or any longer period the scheme manager determines); or
(b)within 6 months of entering any other pension arrangements (or any longer period the scheme manager determines).
(3) Interest is payable on the amount refunded under regulation 166 if the member repays that amount more than a year after the member receives the refund.
(4) For the purpose of paragraph (3), interest is calculated at the rate of 5% each year, compounded with yearly rests.