Paragraph F.9 Acceptance of transfer value payments
United Kingdom
Where an application is duly made by a member under rule F.7, the Scheme administrator may accept the transfer value payment if such conditions as the Secretary of State may require are met, unless paragraph (4) applies.
If the Scheme administrator accepts the payment, the member is entitled to count the appropriate period of reckonable service for the purposes of the Scheme.
In paragraph (2) “the appropriate period” means the period calculated in accordance with rule F.10.
The Scheme administrator may not accept a transfer value payment if—
it would be applied in whole or in part in respect of the member’s or the member’s spouse’s entitlement to a guaranteed minimum pension, and
it is less than the amount required for that purpose, as calculated in accordance with guidance and tables prepared by the Scheme actuary for the purposes of this paragraph.
Paragraph (4) does not apply if the payment is made under the public sector transfer arrangements.
Notes on Schedule 1
Modifications
- C1
Schs. 1-3 modified (14.7.2026 for the tax year 2014-15 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2026 (S.I. 2026/673), regs. 1(2), 10