Regulation 84 Right to count credited periodI1

England, Wales and Scotland Not yet in force

(1)

Where a transfer value has been accepted under regulation 83, the member may count the credited period as a period of membership for these Regulations.

(2)

If the transfer value—

(a)

is paid by the trustees or managers of a club scheme and the member has made the request under regulation 83 before the expiry of 12 months beginning with the date he became an active member;

(b)

represents all the rights relating to the member in that scheme, and

(c)

has been calculated—

(i)

in a case where Chapter 4 or 5 applies, in accordance with that Chapter, and

(ii)

otherwise, in a manner consistent with that prescribed under the relevant Chapter,

the credited period is the period which, if used to calculate a transfer value to be paid by the Scheme, would produce an amount equal to the transfer value received.

(3)

If paragraph (2) does not apply, the credited period must be calculated in a manner consistent with Chapter 4 or 5.

(4)

In calculating the credited period under paragraph (3) due allowance must be given for the expected increase in the member’s pensionable pay between the date he became a member (or, if more than twelve months later, the date on which the transfer value is received) and his normal retirement age.

(5)

The fund authority must give the member a written notice—

(a)

stating the period of membership he may count under paragraph (1); and

(b)

containing a conspicuous statement giving the address from which further information may be obtained.

Annotations

Commencement

I1: Reg. 84 in force at 1.4.2008, see reg. 1(1)