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3.—(1) This paragraph applies to a transfer where—
(a)the active membership of a transferring member ends on his joining the PCSPS; and
(b)the transferring member—
(i)agrees in writing by 31st March 2002 that a transfer be made under this regulation instead of any payment which he otherwise may require to be made under Chapter IV of Part IV of the Pension Schemes Act 1993(1), and
(ii)waives any rights he may have under that Chapter by virtue of the cessation of his active membership.
(2) Where paragraph (1) applies, the appropriate administering authority must—
(a)set aside in cash such part of the appropriate fund as equals the transfer payment, and
(b)pay it to the managers of the PCSPS for the benefit of the transferring member.
(3) The transfer payment shall be such amount as is determined in accordance with the Schedule.
(4) The transferring member’s appropriate administering authority must provide the transferring member by 31st December 2001 with sufficient information in writing for the member to check whether or not the rights that he would acquire under the PCSPS as a result of payment of the transfer payment are at least equivalent to those which he would have obtained if a transfer value had been paid to the same scheme under Chapter IV of Part IV of the Pension Schemes Act 1993, as it applies by virtue of regulation 116 of the principal Regulations, (assuming in any case where the member would not be entitled to such a payment that he was).
(5) The appropriate administering authority must certify in writing to the managers of the PCSPS the amount included in the transfer payment which represents the member’s contributions and interest on them.
(6) Where a transfer payment is to be or has been made under this regulation, no other payment or transfer of assets shall be made from the pension fund by reason of membership covered by the transfer payment.
(7) Paragraph (6) overrides anything to the contrary in the principal Regulations.
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