Regulation 122 Right to count credited period

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 122(4) words inserted by Local Government Pension Scheme (Miscellaneous) 2001 reg. 18
reg. 122(4) words omitted by Local Government Pension Scheme 2004 reg. 11(a)
reg. 122(6A)(6B) inserted by Local Government Pension Scheme 2004 reg. 11(b)
reg. 122(4) restored by Local Government Pension Scheme 2005 reg. 3 4
reg. 122(6A) revoked by Local Government Pension Scheme 2005 reg. 5(b)
reg. 122(6B) revoked by Local Government Pension Scheme 2005 reg. 5(b)
reg. 122(4) words omitted by Local Government Pension Scheme 2006 reg. 41(a)
reg. 122(6C)(6D) words substituted by Local Government Pension Scheme 2006 reg. 13
reg. 122(6C)(6D) inserted by Local Government Pension Scheme 2006 reg. 41(b)

(1)

Where a transfer value has been accepted under regulation 121, the member may count the credited period as a period of membership for these Regulations (but see Schedule 3).

(2)

If the transfer value—

(a)

is paid by the trustees or managers of a club scheme,

(b)

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

(c)

has been calculated—

(i)

in a case where Chapter IV of Part IV of the Pension Schemes Act 1993 applies, in accordance with that Chapter, and

(ii)

otherwise, in a manner consistent with that prescribed under that 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 the transfer value is not paid by the trustees or managers of a club scheme, the credited period must be calculated in a manner consistent with that Chapter.

(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 NRD.

(5)

If the member is a man, the credited period must be treated as a period after 5th April 1978.

(6)

If the member is a woman, the credited period must be treated as a period after 5th April 1988.

(7)

The fund authority must give the member a written notice stating the period of membership he may count under paragraph (1).

(8)

The notice must contain a statement of the kind required by regulation 98(4).