Regulation 121 Inward transfers of pension rights

If a person who becomes an active member has relevant pension rights, he may request his fund authority to accept a transfer value for some or all those rights from the relevant transferor.

Relevant pension rights are accrued rights under—

Accrued rights include rights to preserved benefits and rights appropriately secured under section 19 of the Pension Schemes Act 1993^f1.

For this regulation and the following regulations of this Chapter the fund authority, in relation to a transferring person, are the body maintaining the pension fund of the Scheme to which he is contributing.

The relevant transferor is the trustees or managers of the scheme, contract or arrangement under which the transferring person’s relevant pension rights arise.

But the relevant transferor for the rights specified in paragraph (3) is the trustees or managers of the scheme, contract or arrangement, or the insurance company, to which a payment in respect of his accrued rights has been made.

A request from a transferring person under paragraph (1) must be made by notice in writing.

That notice must be given before the expiry of the period of 12 months beginning with the date he became an active member (or such longer period as his employer may allow).

Where a request under paragraph (1) is duly made the fund authority may accept the transfer value and credit it to their pension fund.