# The National Health Service Pension Scheme Regulations 1995, Regulation M3: Amount of member’s cash equivalent


(1) 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 this Section of the scheme and any associated rights under Part I of the Pensions (Increase) Act 1971 ....
(1A) The Secretary of State shall—
(a) take advice from the Scheme Actuary before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent, and
(b) calculate and verify the amount of the guaranteed cash equivalent in accordance with the Occupational Pension Schemes (Transfer Values) Regulations 1996.
(2) 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.
(3) 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.
(4) If the transfer value payment is made under the public sector transfer arrangements, the amount of the transfer value payment is calculated—
(a) in accordance with those arrangements rather than paragraphs (2) and (3); and
(b) by reference to the guidance and tables provided by the Scheme Actuary for the purposes of this paragraph that are in use on the date used for the calculation.
(5) 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.

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Source: https://www.legislation.gov.uk/uksi/1995/300/regulation/M3 (the official version)
Page: https://openlegislation.uk/national-health-service-pension-scheme-regulations-1995/regulation-M3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.