Transfers made under the Public Sector transfer Arrangements
N2.—(1) Subject to paragraph (2), if the transfer is from another occupational pension scheme that participates in the Public Sector Transfer Arrangements, the additional period of pensionable service to be credited to the member in respect of the transfer payment will be equal to the period that, if used to calculate a cash equivalent under regulation M3 (amount of member’s cash equivalent), would produce an amount equal to the amount of the transfer payment.
(2) Paragraph (1) applies only if the transfer payment—
(a)represents all the member’s rights to benefits under the transferring scheme; and
(b)is calculated in a manner that is consistent with the actuarial methods and assumptions used by the Secretary of State to calculate cash equivalents under regulation M3 in the case of transfers under the Public Sector Transfer Arrangements.
(3) For the purpose of calculating the additional period of pensionable service under paragraph (1), regard shall be had to the member’s age and marital status, and to the yearly rate of pay and any other factor notified to the Secretary of State by the trustees or managers of the transferring scheme as having been taken into account for the purpose of calculating the amount of the transfer payment.