PART 10Transfers

CHAPTER 1Preliminary

Application of Part197.

This Part—

(a)

supplements the rights conferred by or under Chapter 4 of Part 4 of the Pension Schemes Act (transfer values); and

(b)

is without prejudice to that Chapter or Chapter 5 of that Part (early leavers: cash transfer sums and contribution refunds).

Interpretation of Part198.

In this Part—

“cash equivalent” means an amount calculated in accordance with regulations made under section 93 of the Pension Schemes Act;

“club transfer statement of entitlement”, in relation to a member's accrued earned pension under this scheme, means a statement by the Department of the club transfer value as at the guarantee date;

“club transfer value”, in relation to earned pension accrued under this scheme or under another club scheme, means an amount calculated—

(a)

in accordance with the club transfer arrangements; and

(b)

by reference to the guidance and tables provided by the Government Actuary for this purpose that are in use on the date used for the calculation;

“guarantee date” means—

(a)

for a transfer value, the date specified in the statement of entitlement as the date by reference to which the cash equivalent is calculated; and

(b)

for the club transfer value, the date specified in the club transfer statement of entitlement as the date by reference to which the club transfer value is calculated;

“guaranteed cash equivalent”, in relation to accrued rights to benefits under this scheme, means the cash equivalent of those accrued rights as at the guarantee date, as specified in a statement of entitlement;

“statement of entitlement”, in relation to a member's accrued rights to benefits under this scheme, means a statement by the Department of the cash equivalent of those rights as at the guarantee date;

“transfer value”, in relation to accrued rights other than rights to earned pension accrued under this scheme or under another club scheme, means—

(a)

for accrued rights to benefits under this scheme, an amount equal to the guaranteed cash equivalent of those accrued rights; and

(b)

for accrued rights under another pension scheme, an amount—

  1. (i)

    determined by the scheme actuary of that scheme; and

  2. (ii)

    specified in a statement of accrued rights provided by the scheme manager of that scheme.