Regulation 9 Inward transfers: mis-sold pensionsI1

This regulation shall apply to a person to whom regulation B5 of the F11995 Regulations (opting into F2this Section of the scheme: mis-sold pensions) applies and in respect of whom a transfer payment within the meaning of regulation N3A of those Regulations^f1 (transfers in respect of members to whom regulation B5 applies who elect to join or rejoin F3this Section of the scheme) has been paid by a personal pension scheme to the Secretary of State.

Subject to paragraph (3), where, at any time, a person to whom this regulation applies elects to join or rejoin the scheme under regulation B4(5) of the 1995 Regulations (joining or rejoining the scheme after opting-out), that person, whether or not he becomes a contributor within the meaning of these Regulations, may, within 12 months of joining or rejoining the scheme, or such longer period as the Secretary of State may in any particular case allow, give written notice to the Secretary of State that he wishes the Secretary of State to accept a transfer value for the purposes of these Regulations.

For the purposes of paragraph (2), the transfer value shall be of an amount representing the difference between—

Where a transfer value is accepted by the Secretary of State it shall be invested by him, in accordance with the wishes of the person referred to in paragraph (1), in one or more of the authorised funds.

Where a transfer value is invested under paragraph (4) that person may at any time, by giving written notice to the Secretary of State, require the Secretary of State to realise the whole or part of the sums so invested and to reinvest the proceeds in a different way.

In this regulation—

• “opted-out service” means the period of NHS employment in respect of which the Secretary of State has approved an additional period of pensionable service for the purposes of regulation N3A(2)(i) of the F51995 Regulations; and

• “personal pension scheme” has the meaning given by regulation B5(4) of the 1995 Regulations.