The Local Government Superannuation (Scottish Environment Protection Agency) (Scotland) Regulations 1997

Calculation of transfer value

5.—(1) Where a person to whom regulation G5 of the principal Regulations (as added by these Regulations) applies gives written notice to the fund authority within 13 months of becoming a pensionable employee of the Scottish Environment Protection Agency or of being given relevant bulk transfer information and option forms, whichever is the later, that he wishes them to accept a transfer value, calculated under bulk transfer terms, in respect of all his accrued rights from the Principal Civil Service Pension Scheme, the transfer value in respect of those rights shall be calculated in accordance with paragraph (2) and the provisions of paragraph (3) shall apply in relation to that person.

(2) The transfer value shall be such amount as shall be agreed between the Government Actuary (with the approval of the Minister for the Civil Service) and the actuary to the appropriate superannuation fund and shall be adjusted to take account of any period between the date the person becomes a pensionable employee and the date of actual payment of the transfer value as those actuaries shall agree.

(3) The period which shall be counted under regulation J9(1)(a) of the principal Regulations in relation to the person shall, instead of being calculated in accordance with paragraph 2(1) of Schedule 17 to those Regulations, be equal to the actual length of his reckonable service under the Principal Civil Service Pension Scheme and the provisions of regulation J9(1)(a) shall be modified accordingly in relation to him.

(4) Paragraph (3) shall apply also in relation to a person to whom regulation G5 of the principal Regulations applies and who gives written notice to the fund authority under regulation J8(1) that he wishes them to accept an individual transfer value in respect of all his accrued rights from the Principal Civil Service Pensions Scheme.