PART MTransfers and buy–outs

Exercising a right to transfer or buy–outM2

1

A member shall exercise the right to require a transfer or buy–out by making an application in writing to the Secretary of State.

2

A member who requires the cash equivalent to be used to acquire rights under another occupational pension scheme may exercise the right at any time before reaching age 60.

3

Subject to paragraph (4), a member who requires all or part of the cash equivalent to be used to purchase one or more buy–out policies or to acquire rights under a personal pension scheme may exercise the right at any time before reaching age 59.

4

A member who leaves pensionable employment less than 6 months before his 59th birthday may exercise the right at any time up to 6 months after leaving.

5

Subject to paragraph (6), a member may withdraw an application to transfer or buy–out his rights by giving notice in writing to the Secretary of State that he no longer wishes to exercise that right.

6

The member may not withdraw the application after the Secretary of State, in order to comply with what the member previously required, has entered into an agreement with a third party to use the member’s cash equivalent in a way specified in regulation M1(2).

7

A member who withdraws an application may make another.