Regulation 14 Inward Transfers
Regulation J8 of the principal Regulations is amended–
by substituting for paragraphs (1) and (2) the following:
“(1)Where a person, other than a person to whom Part Q applies, becomes a pensionable employee and has accrued rights to benefit under a superannuation scheme, a personal pension scheme, a retirement annuity contract or a self-employed pension arrangement (including rights to preserved benefits and rights appropriately secured under section 52C of the Pensions Act but excluding rights to benefits arising out of an additional voluntary contributions provision or an additional voluntary contributions scheme unless the payments securing such rights under that provision or scheme began before 8th April 1987), he may within 12 months of becoming a pensionable employee (subject to paragraph (4)) give written notice to his fund authority that he wishes the fund authority to accept a transfer value in respect of some or all of those accrued rights from–
(a)the trustees or managers of the superannuation scheme, personal pension scheme, retirement annuity contract or self-employed pension arrangement under which his accrued rights arise, or
(b)the trustees or managers of the superannuation scheme, personal pension scheme, retirement annuity contract or self-employed pension arrangement, or the insurance company, to which a payment in respect of his accrued rights has been made.
(2)Where notice is given in accordance with paragraph (1), the transfer value shall, subject to paragraphs (5) and (6) and provided that the conditions specified in paragraph (3) are satisfied, be accepted by the fund authority and shall, together with the amount of any limited revaluation premium under section 45 of the Pensions Act repaid to the fund authority by the Secretary of State, be credited to their superannuation fund.”f1;
in paragraph (3), by deleting sub-paragraphs (a) and (b);
in paragraph (4), by substituting for the words“paragraph (3)(b)” the words“paragraph (1)”;
by substituting for paragraphs (6), (7) and (8) the following:
“(6)Subject to paragraph (7), the fund authority shall not be required to accept a transfer value in accordance with paragraph (2) if that transfer value does not exceed P x F, where–
P is the annual amount of the guaranteed minimum pension to which the person would have become entitled under these Regulations at the date when the fund authority are requested to accept the transfer value as a result of the transfer value being accepted, and
F is the factor appropriate to that person set out in column 2 of the following table opposite that person’s age in column 1 at the same date:
TABLE
1 2 Age Appropriate factor 29 or under 8 30 to 39 9 40 to 49 10 50 or over 12 (7)Paragraph (6) does not apply to a transfer value offered by the scheme managers of a club scheme.”.
Annotations
Footnotes
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“The Pensions Act” means the Social Security Pensions Act 1975 c. 60 (see Schedule 1 to the principal Regulations). Section 52C was inserted by the Social Security Act 1985 (c. 53), Schedule 1, paragraph 2; and amended by the Social Security Act 1986 (c. 50), Schedule 10, paragraph 26, the Social Security Act 1989 (c. 24), Schedule 6, paragraph 14, and the Social Security Act 1990 (c. 27), Schedule 4, paragraph 10. Section 45 was amended by the Social Security (Miscellaneous Provisions) Act 1977 (c. 5), section 22(7); the Social Security Act 1980 (c. 30), section 3(9); the Social Security Act 1985, Schedule 3, paragraph 5 and Schedule 5, paragraph 25; the Social Security Act 1986, Schedule 2, paragraph 6 and Schedule 8, paragraph 10; the Social Security Act 1989, Schedule 6, paragraph 12 and Schedule 9; and by S.I. 1985/1323 and 1987/1118.