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The Teachers' Superannuation (Amendment) Regulations 1988

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10.  The principal Regulations are amended—

(a)in regulation 80(1)(b), by substituting for the words “or under Chapter II of Part II of the Finance Act 1970 or” the words “or a scheme approved under Chapter I of Part XIV of the Income and Corporation Taxes Act 1988(1) (other than one falling within section 591(2)(h) of that Act) or a scheme”; and

(b)by substituting for regulations 81 to 84 the following:

Payment of transfer values

81.(1) Subject to paragraphs (2) to (7), a transfer value is to be paid in respect of a person who has ceased to be employed in reckonable service and has become subject to an approved superannuation scheme or personal pension scheme (“the receiving scheme”).

(2) The person must have made a written application to the Secretary of State, within 12 months after the day on which he became subject to the receiving scheme, for the transfer value to be paid.

(3) A transfer value is not to be paid if one was paid before 1st September 1988 in relation to the same transfer.

(4) A transfer value is not to be paid in respect of a person who, when the application was received, had become entitled under regulation 53 to payment of allowances or under regulation 46(2) or 57 to an annuity or short service gratuity, unless the employment in which he has become subject to the receiving scheme is comparable British service and he entered it—

(a)immediately after ceasing to be employed in reckonable service, or

(b)on or before his 60th birthday,

and has not applied for payment of any benefit.

(5) A transfer value is not to be paid if the receiving scheme is an approved superannuation scheme which is administered wholly or primarily in the United Kingdom and is not a contracted-out scheme, unless the person—

(a)has been employed in reckonable service for less than 2 years or is not qualified for benefits, or

(b)ceased to be employed in reckonable service before 6th April 1978, or

(c)is a married woman or widow who, by virtue of an election made or treated as made under regulations under section 3 of the Pensions Act, either is liable to pay primary Class 1 contributions or Class 2 contributions at a reduced rate or is under no liability to pay Class 2 contributions.

(6) A transfer value is not to be paid if the person has acquired a right to a cash equivalent, unless—

(a)the service to which the cash equivalent relates includes service before 1st September 1988, and

(b)the right has been exercised by requiring the whole of the cash equivalent to be paid to the person responsible for the management of an approved superannuation scheme which is not a club scheme.

(7) A transfer value is not to be paid if the person—

(a)has acquired a right to a part cash equivalent, and

(b)would on taking that right remain qualified for an annual allowance and an additional allowance under regulation 53.

Amounts of transfer values

82.(1) Part I of Schedule 7 has effect, subject to paragraphs (2) and (3), for determining the amounts of transfer values payable under regulation 81.

(2) Unless the receiving scheme is a club scheme, where—

(a)the person in respect of whom a transfer value is payable had become entitled to count reckonable service under regulation 84 (receipt of transfer value), and

(b)the amount determined in accordance with Part I of Schedule 7, together with that of any cash equivalent paid on the transfer, is less than the appropriate amount,

a transfer value of the appropriate amount is to be paid.

(3) The appropriate amount is A+B−C, where—

  • A is the transfer value received under regulation 84,

  • B is the total of the contributions paid by the person under Part II, except any that fell to be treated as employer’s contributions, and

  • C is any cash equivalent paid on the transfer.

Termination of right to count reckonable service

83.  A person—

(a)in respect of whom a transfer value has been paid under regulation 81, or

(b)who has acquired a right to a cash equivalent and exercised the option to take that right,

ceases to be entitled to count as reckonable service, or as a period of employment in reckonable service, any period to which the transfer value or cash equivalent related.

Receipt of transfer values

84.(1) Subject to paragraphs (2) to (6), a transfer value offered to the Secretary of State by the person responsible for the management of an approved superannuation scheme or personal pension scheme (“the previous scheme”) in respect of a person who has become employed in reckonable service may be accepted.

(2) The person must have made a written request to the Secretary of State for the transfer value to be accepted.

(3) Unless the employment in which the person was subject to the previous scheme was comparable British service, the request must have been made within 12 months after the day on which he became employed in reckonable service.

(4) A transfer value is not to be accepted if one was accepted before 1st September 1988 in relation to the same transfer.

(5) Subject to paragraph (6), a transfer value is not to be accepted if—

(a)before the end of the employment in which he was subject to the previous scheme the person became entitled under regulation 53 to payment of allowances, or

(b)he has become entitled to payment of benefits under a provision of a statutory scheme corresponding to regulation 53.

(6) Paragraph (5) does not apply if the employment in which he was subject to the previous scheme was comparable British service and he became employed in reckonable service—

(a)immediately after the end of the employment, or

(b)on or before his 60th birthday.

(7) A person in respect of whom a transfer value has been accepted is entitled to count reckonable service in accordance with Part II of Schedule 7..

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