Regulation 124 Credited periods for transferring members with mis-sold pension rightsI1

the transferring person is a person mentioned in regulation 6(9)(c); and

the transfer value satisfied the conditions specified in paragraph (2).

it is paid by the trustees or managers of the personal pension scheme mentioned in section 172(1)(a)(ii) of the Pensions Act 1995^f1;

it represents all the rights relating to the member in that scheme;

it is paid on an application made to the appropriate administering authority before the expiry of the period of 12 months beginning with the date on which the transferring person becomes an active member (or such longer period as they may allow); and

in the opinion of the appropriate administering authority it is not less than the restitution amount.

the capitalised value (as at the date on which the request for the calculation of the restitution amount is made) of the rights which would have accrued to the transferring person under the Scheme if he had remained an active member of the Scheme throughout the personal pension period (including rights under the Pensions (Increase) Act 1971^f2 and the Pensions (Increase) Act 1974^f3;

the transfer value (if any) paid out of the Scheme to the personal pension scheme; and

interest on any such transfer value at such rate as is approved for the time being by the Government Actuary, calculated on a daily basis over the period from the date on which that transfer value was paid out of the Scheme to the date as at which the transfer value is taken to be paid to the Scheme.