Regulation M3 Amount of member’s cash equivalentF1

Subject to the following provisions of this regulation, the member’s guaranteed cash equivalent will be equal to the capitalised value of all the member’s accrued rights to benefits under F2this Section of the scheme and any associated rights under Part I of the Pensions (Increase) Act 1971 F3....

The Secretary of State shall—

Except in the case of a transfer payment accepted under regulation N3A (transfers in respect of members to whom regulation B5 applies who elect to join or rejoin this Section of the scheme), a member’s cash equivalent will be at least equal to the amount of any transfer payments accepted in respect of the member under regulation N1(4) (member’s right to transfer accrued benefits to this Section of the scheme), plus the amount of the member’s contributions to this Section of the scheme.

If a member’s cash equivalent is used to acquire rights under another occupational pension scheme, any part of the cash equivalent that relates to service before 29th January 1988 will be calculated as described in the previous Regulations as applicable immediately before that date, if this would be more favourable to the member.

If the transfer value payment is made under the public sector transfer arrangements, the amount of the transfer value payment is calculated—

In any case where the Secretary of State has directed, under regulation T6, that part of a member’s benefits under these Regulations shall be forfeited, the cash equivalent payable in respect of that member shall be reduced by the capitalised value of the forfeited part of those benefits.