PART JINTERCHANGE, ETC.
Transfer of pension rightsJ14
1
Where—
a
regulation J13 applies to a person; and
b
on the date on which he becomes subject to the approved non-local government scheme he has not reached state pensionable age; and
c
before that date he has given written notice to the Committee and, to his employing authority that he wishes to transfer his pension rights under these regulations to the approved non-local government scheme; and
d
the scheme managers, the Committee and his employing authority have each given their consent before that date,
the Committee shall, subject to paragraphs (4) and (6), pay to the scheme managers out of the fund a transfer value calculated in accordance with Schedule 16.
2
The Committee shall not give their consent under paragraph (1)(d) unless the person transferring his pension rights will acquire pension rights under the approved non-local government scheme at least equivalent to those which he would have obtained if a transfer value had been paid to the scheme managers under regulation J2.
3
The Committee shall provide the person transferring his pension rights with sufficient information in writing to check that the condition in paragraph (2) is satisfied.
4
If—
a
the number of persons transferring their pension rights under paragraph (1) from the fund to the same or a different approved non-local government scheme as part of the same transfer scheme is more than 9 but less than 100; and
b
the fund’s assets immediately before any transfer takes place are not adequate, or are more than adequate, to meet the accrued actuarial liabilities of the fund at that time,
the total payable under paragraph (1) (or, as the case may be, the respective totals) shall be adjusted to the extent that the fund’s actuary and the actuary of the approved non-local government scheme consider appropriate in the circumstances.
5
If any question arises as to the application of paragraph (4) or the actuaries are unable to agree on the adjustment to be made under that paragraph, the adjustment (if any) to be made shall be decided by an actuary appointed by the Department.
6
If the number of persons transferring their pension rights under paragraph (1) from the fund to the same or a different approved non-local government scheme as part of the same transfer scheme is 100 or more—
a
no payment shall be made under that paragraph; and
b
the fund shall be apportioned in accordance with Schedule 18.
7
Where paragraph (6) applies in relation to any person, he shall be treated for the purposes of regulation D3(7) as if a transfer value had been paid in relation to him under paragraph (1).
8
Notwithstanding anything in the former regulations or these regulations, where a payment or transfer of assets is to be or has been made under this regulation or under Schedule 18 no other payment or transfer of assets shall be made out of the fund on account of service or employment to which the payment or transfer of assets under this regulation or under Schedule 18 relates.
9
A person shall be treated for the purposes of this regulation as having transferred his pension rights on the date on which he becomes subject to the approved non-local government scheme.
10
For the purposes of this regulation, a transfer scheme is a scheme agreed between the scheme managers, the Committee and the employing authority providing for the transfer of pension rights under this regulation of a number of persons.
11
“Accrued actuarial liabilities” means the actual and potential liabilities of the fund in connection with any service or employment before any transfer takes place.