Regulation 53 Deferment of accrued earned pension attributable to a transfer paymentI1
United Kingdom
In respect of any amount of accrued pension specified in the active member’s account as at the end of the last day of pensionable service which is attributable to a transfer value payment or cash transfer sum (“payment”) accepted in relation to the member under Part 8 (Transfers) in the 24 months before the relevant day and the scheme manager so directs, these Regulations apply as if the member had become a deferred member in respect of the rights that accrued in that service by virtue of that payment.
Accordingly where paragraph (1) applies—
for the purpose of calculating the provisional amount of deferred added earned pension under regulation 35 (account to specify provisional amount of deferred pension), the amount of accrued earned pension is only the amount attributable to that transferred payment; and
for the purpose of calculating the amount of retirement earned pension or any club transfer earned pension under regulation 40 (account to specify amount of retirement pension), the amount of accrued pension is—
the amount specified in the active member’s account as at the end of the last day of pensionable service, less
the amount attributable to that payment.
In paragraph (1), “the relevant day” means the day on which the scheme manager provided their opinion, mentioned in either regulation 51 (entitlement to ill-health pension: active member with permanent serious ill-health) or regulation 52 (entitlement to ill-health pension: active member with significant impairment of capacity for gainful employment), by virtue of which the member is entitled to the ill-health pension.