Regulation 113 Effect of acceptance of transfer value payment

(1)

Where a transfer value payment has been accepted under regulation 112 (inward transfers of pension rights), the Committee shall credit the active member's pension account with the appropriate amount of earned pension.

F1(2)

The calculation of the appropriate amount of earned pension for the purposes of the paragraph (1) is—

(a)

in the case of a transfer of employment between members of the Public Sector Transfer Club, in accordance with the Club Memorandum; and

(b)

in any other case, in accordance with actuarial guidance issued by the Department.

Annotations

Textual amendments

F1: Reg. 113(2) substituted (18.11.2019) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 80