The Teachers’ Pensions Regulations 2010

PART 2 Inward Transfers

11.  If the employment in which the person (P) was subject to the previous scheme was comparable British service, P is entitled to count as reckonable service the period of service certified by the scheme managers as having stood to P’s credit under the scheme when P ceased to be subject to it.

12.—(1) If —

(a) the previous scheme is a club scheme service under which is not comparable British service, or

(b) the previous scheme is a registered pension scheme which is not a club scheme and the person has entered pensionable employment after 31st December 1985.

the person is entitled, unless paragraph 13 applies, to count as reckonable service the period specified in sub-paragraph (2).

(2) The period is one equal to the period of reckonable service that would enable the Secretary of State to pay a transfer value, calculated on an actuarial basis, of the same amount as the one accepted.

(3) In calculating the period specified in sub-paragraph (2)—

(a) if sub-paragraph (1)(a) applies and the request for the transfer value to be accepted was made within 12 months after the date on which the person entered pensionable employment the calculation is to be made by reference to the age and salary notified by the scheme managers of the previous scheme as those by reference to which the transfer value accepted was calculated,

(b) if sub-paragraph (1)(b) applies and the transfer value was received within 12 months after the date on which the person entered pensionable employment, the calculation is to be made by reference to the person’s age, and the annual rate of the person’s contributable salary, on that date,

(c) in any other case, the calculation is to be made by reference to the person’s age, and the annual rate of the person’s contributable salary, on the date on which the transfer value was received,

(d) if sub-paragraph (1)(a) applies any sum representing interest that is included in the transfer value is not to be taken into account, and

(e) if sub-paragraph (1)(b) applies any such sum is to be taken into account.

13.—(1) This paragraph applies where—

(a) the condition specified in paragraph 12(1)(b) applies,

(b) the person (P) has made an election under regulation 10 (election for employment to be pensionable) and falls within regulation 10(2)(a),

(c) the previous election under regulation B6 of TSR 1988 (election not to be pensionable) was made before 30th June 1994,

(d) P has been in excluded employment between the date of the election under regulation B6 of TSR 1988 and the date of the election under regulation 10 of these Regulations,

(e) a cash equivalent or a transfer value under regulation F1 of TSR 1988 (or both) was paid in respect of P in consequence of P ceasing to be in pensionable employment by virtue of the election under regulation B6 of the TSR 1988,

(f) P is an individual as is mentioned in section 172(1) of PA 1995, and

(g) the Secretary of State accepts a transfer value under regulation 35 of the amount specified in sub-paragraph (3).

(2) In this paragraph —

(a) “the period of original pensionable employment” means the period during which P was in pensionable employment before P made the election under regulation B6 of TSR 1988; and

(b) “the transfer out payment” means the payment referred to in sub-paragraph (1)(e).

(3) The amount referred to in sub-paragraph (1)(g) is A+B where—

A is the transfer value which, calculated on the basis specified in paragraph 12(2), would enable the person to count the period of excluded employment as reckonable service as if it had been pensionable employment; and

B is the greater of—

(a) the transfer out payment together with—

(i) in a case where the transfer value was paid to the Secretary of State pursuant to regulation 35 within four weeks of the request under regulation 35(2) an amount, determined actuarially, which represents the income which would have been received had such sum been invested during the period starting at the end of the month in which the transfer out payment was made and ending at the end of the month in which the request under regulation 35(2) was made; and

(ii) in any other case the amount referred to in paragraph (i) above together with a further amount, determined actuarially, which represents the income which would have been received compounded with monthly rests, had such sum been invested during the period starting at the end of the month in which the request under regulation 35(2) was made and ending at the end of the month in which the transfer value was paid to the Secretary of State; and

(b) the amount which would be paid as a cash equivalent or transfer value (or both) by the Secretary of State in respect of the person if at the date on which P made the election under regulation 10—

(i) P was in pensionable employment and made an election under regulation 9 (election not to be pensionable); and

(ii) P had been in pensionable employment for a period equal to the period of original pensionable employment.

(4) Where this paragraph applies P is entitled to count as reckonable service—

(a) the reckonable service arising from the period of original pensionable employment; and

(b) such service arising from the period of excluded employment as if it had been pensionable employment.