Paragraph 24C Acceptance of transfer value payments

(1)

Where an application is duly made by a participant under article 24A, the Managers may accept the transfer value payment if such conditions as they may require are met, unless paragraph (6) applies.

(2)

If the Managers accept the payment on an application by a participant, paragraphs (3) and (4) apply.

(3)

The participant’s aggregate period of reckonable service for the purposes of the principal scheme and his aggregate period of reckonable service as a participant are increased by the appropriate period.

(4)

So much of the payment accepted by the Managers as in their opinion represents the participant’s own contributory payments are treated for the purposes of articles 25 and 26 as contributions paid by the participant, at the same time as those contributory payments were made, by deduction from his salary under article 5 of this Order.

(5)

In this article “the appropriate period” means the period so calculated.

(6)

The Managers may not accept a transfer value payment if—

(a)

it would be applied in whole or in part in respect of the participant’s or the participant’s adult survivor’s entitlement to a guaranteed minimum pension, and

(b)

it is less than the amount required for that purpose, as determined by the Managers, having regard to guidance and tables prepared by the Government Actuary for the purposes of this paragraph.