Regulation 103 Ways in which a transfer value payment may be usedI1
United Kingdom
A member may only require the scheme manager to use a transfer value payment in a way specified in section 95(2) of the PSA 1993.
The whole of the transfer value must be applied subject to paragraph (4).
A transfer value payment may only be made to—
a registered pension scheme; or
a pension arrangement that is a qualifying recognised overseas pension scheme for the purposes of Part 4 of the FA 2004 (see section 169(2) of that Act).
If section 96(2) of the PSA 1993 applies, there may be excluded from the transfer value payment the benefits attributable to—
the member’s accrued rights to a guaranteed minimum pension; or
the member’s accrued rights attributable to service in contracted-out employment on or after 6 April 1997.