Regulation 70 Deferment of accrued earned pension attributable to a transfer value paymentI1
United Kingdom
This regulation applies in relation to a member of this scheme—
who is entitled to payment of an ill-health pension; and
whose active member’s account as at the end of the last day of pensionable service specifies an amount of accrued earned pension attributable in whole or in part to a transfer value payment received by this scheme in relation to the member in the 24 months before that last day.
If the scheme manager so directs, the member becomes a deferred member of this scheme in respect of that amount of accrued earned pension and accordingly—
a deferred member’s account must be established under Part 5;
that amount of accrued earned pension must be specified in the deferred member’s account as the provisional amount of deferred earned pension; and
that amount of accrued earned pension is not included in the calculation of the annual rate of full retirement earned pension.