# The European Parliamentary (United Kingdom Representatives) Pensions (Amendment) Order 2006, Paragraph 23: Calculating amounts of transfer value payments


(1) The amount of the guaranteed cash equivalent transfer value payment is to be determined by the Managers having regard to guidance and tables provided by the Government Actuary to the Managers for use at the guarantee date.
This is subject to paragraph (3).
(2) In preparing those tables the Government Actuary must use such factors as he considers appropriate, having regard to section 97 of the Pensions Act 1993 and regulations made under that Act (whether or not the payment is in respect of a person entitled to a guaranteed cash equivalent transfer value payment under that Act).
(3) If the amount calculated in accordance with paragraph (1) is less than the minimum transfer value, the amount of the guaranteed cash equivalent transfer value payment is to be equal to that value instead.
(4) In paragraph (3) “the minimum transfer value”, in relation to any person, means the sum of any of such payments as are mentioned in paragraph (5) as a result of which he is entitled to count any reckonable service under the principal scheme by reference to which the accrued rights subject to the transfer are calculated.
(5) The payments are—
(a) any transfer value payments that have been made to the principal scheme in respect of him,
(b) any contributions deducted in respect of him under article 5 (contributions from salary), and
(c) any payments made under article 27 for the purchase of added years.

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Source: https://www.legislation.gov.uk/uksi/2006/919/schedule/1/paragraph/23 (the official version)
Page: https://openlegislation.uk/european-parliamentary-united-kingdom-representatives-pensions-amendment-order-2006/schedule-1/paragraph-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.