Regulation 115 Calculating the amount of a transfer valueI1

If a transfer value is paid later than 6 months after the guarantee date, the amount of the guaranteed cash equivalent must be increased in accordance with regulations made under section 97 (calculation of cash equivalents) of PSA 1993.

If the transfer value is less than the minimum transfer value, the amount of the transfer value must be increased so that it is equal to the amount of the minimum transfer value.

In this regulation—

• “minimum transfer value” means the total of the sum of all member contributions made by the member; and

• “member contributions” has the meaning given in regulation 105 (rate of member contributions).