Section 133 Transfer value payments made to other schemes or pension arrangements
A transfer value payment may only be made in respect of the accrued rights to benefits of an active or deferred member of this scheme.
A transfer value payment may only be made to—
a registered pension scheme that is not a connected scheme; or
a pension arrangement that is a qualifying recognised overseas pension scheme for the purposes of Part 4 (pension schemes etc.) of the 2004 Act.
A transfer value payment may not be made in respect of rights that are attributable (directly or indirectly) to a pension credit.
A member may only require the scheme manager to use a transfer value payment in a way specified in section 91(2) (ways of taking right to cash equivalent) of the 1993 Act M1.
The whole of the transfer value payment must be made in accordance with the provisions of this regulation.
If section 92(2) (further provisions concerning exercise of option under section 91) of the 1993 Act M2 applies, benefits attributable to the following may be excluded from the transfer value payment—
the member's accrued rights to a guaranteed minimum pension; or
the member's accrued rights attributable to service in contracted-out employment, within the meaning of Part 3 (certification of pension schemes and effects on members' state scheme rights and duties) of the 1993 Act, on or after 6 April 1997.
Annotations
Marginal citations
- M1
Section 91(2) was amended by S.I. 2001/3649.
- M2
Section 92(2) was amended by the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) Article 147 and Schedule 3 paragraph 53, the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147) (N.I. 11) Articles 17, 76, Schedule 2 paragraph 2 and Schedule 10, Part 1, the Pensions Act (Northern Ireland) 2008 (c1 (N.I)) sections 13, 18, Schedule 4 paragraph 29 and Schedule 6, Part 6 and the Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012 No. 124) Article 4.