The Local Government Superannuation Regulations 1986

1.  The transfer value payable under regulation 12, 13(1), 114 or G2(2) in respect of any person is an amount equal to—

(1) the aggregate of the sums calculated in accordance with paragraph 2 below in respect of his accrued pension, accrued retiring allowance and, if the person is a man, his accrued widow's pension, less—

(a) a sum (calculated in accordance with paragraph 2 below) in respect of accrued modification, and

(b) any additional contributory payments remaining unpaid when he ceased to be employed in his local government employment, and

(c) in the case of a person who is entitled or prospectively entitled to a guaranteed minimum pension under these regulations when he ceases to be employed in his local government employment and who has made a request under regulation 12, a sum (calculated in accordance with paragraph 2 below) in respect of the pensions increase liability on his guaranteed minimum pension, and

(d) in the case of a person in relation to whom, when he ceases to be employed in local government employment—

(i) a contributions equivalent premium is paid under section 42 of the Pensions Act, or

(ii) a limited revaluation premium is paid under section 45 of that Act otherwise than by the scheme managers of his approved non-local government scheme,

a sum equal to the amount of the premium or premiums,

together with—

(2) compound interest calculated in accordance with regulation J7 in respect of the period beginning immediately after the date on which the person ceased to be employed in his local government employment and ending with the date on which the transfer value is paid (but no interest is to be included in the transfer value if that period is less than 6 months).