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The National Health Service Pension Scheme (Scotland) (Additional Voluntary Contributions) Regulations 2018

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Inward transfers: miss-sold pensions

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10.—(1) This regulation applies to a person to whom regulation B6 of the 2011 Regulations (opting into this Section of the scheme: mis-sold pensions) applies in respect of whom a transfer payment within the meaning of regulation N5 of those Regulations has been paid by a personal pension scheme to the Scottish Ministers.

(2) Subject to paragraph (3), where, at any time, a person to whom this regulation applies elects to rejoin the scheme under regulation B5 of the 2011 Regulations, that person, whether or not they become a contributor within the meaning of these Regulations, may, within 12 months of rejoining the scheme, or such longer period as the Scottish Ministers may in any particular case allow, give written notice to the Scottish Ministers that they wish the Scottish Ministers to accept, for the purposes of these Regulations, a transfer value.

(3) For the purposes of paragraph (2), the transfer value is an amount representing the difference between—

(a)the capitalised value of the accrued rights to benefits in the personal pension scheme from which the transfer value is paid which is attributable to contributions made to that scheme by the person referred to in paragraph (1) during their opted-out service; and

(b)the amount referred to in regulation N5 of the 2011 Regulations.

(4) Where a transfer value is accepted by the Scottish Ministers it must be invested by them in accordance with the wishes of the person referred to in paragraph (1), in one or more of the authorised funds.

(5) Where a transfer value is invested under paragraph (4) the person referred to in paragraph (1) may at any time, by giving written notice to the Scottish Ministers, require the Scottish Ministers to realise the whole or part of the sums so invested and to reinvest the proceeds in a different way.

(6) In this regulation—

“opted-out service” means the period of NHS employment in respect of which the Scottish Ministers have approved an additional period of pensionable service for the purposes of regulation N5 of the 2011 Regulations; and

“personal pension scheme” has the meaning given by regulation B6(4) of the 2011 Regulations.

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