The Teachers' Superannuation (Scotland) Regulations 1993

1.  Subject to the provisions of paragraphs 2 to 6 and 9 and 10, a transfer value to be paid in accordance with the provisions of regulation F1 in respect of a teacher shall be–

(a) the capitalised value of his accrued rights under these Regulations at the material date, and any associated rights under the Pensions (Increase) Act 1971 and the Pensions (Increase) Act 1974(1), less a sum, if any, in respect of any state scheme premium which the Secretary of State has paid and not recovered in respect of a period of service included in the valuation of those rights; together with

(b) where the transfer value is without reasonable cause or excuse not paid within 6 months of the material date, and it is not to be made to a club scheme, the greater of–

(i) interest, if any, calculated on a daily basis over the period from the material date to the date on which the transfer value is paid, at the rate set out in regulation 4(4)(a) of the Occupational Pension Schemes (Transfer Values) Regulations 1985(2); or,

(ii) the amount by which the transfer value falls short of what it would have been if the material date had been the date on which the transfer value was paid.

(1)

1974 c. 9.

(2)

S.I. 1985/1931, to which there are amendments not relevant to these Regulations.