Acceptance of a club transfer value
This section has no associated Explanatory Memorandum
213.—(1) On receipt of an application, the scheme manager may accept payment of a club transfer value from another club scheme (“the sending scheme”) if—
(a)P has not reached 75;
(b)retirement benefits have not become payable to P under this scheme or under the sending scheme; and
(c)the sending scheme was a money purchase arrangement to which P’s previous employer made contributions.
(2) A transfer value payment in respect of any pension credit rights or pension credit benefits must not be accepted under this regulation.