Regulation 2.F.10 Acceptance of transfer value payments

England and Wales

(1)

If an application is duly made by a member under regulation 2.F.8, the Secretary of State may accept the transfer value payment if such conditions as the F1Secretary of State may require are met, unless paragraph F2(5) applies.

(2)

If the Secretary of State accepts the payment—

(a)

the member is entitled to count the appropriate period of pensionable service for the purposes of calculating benefits payable to or in respect of the member under F3this Section of the Scheme, but

(b)

in the case of a member any of whose service falls to be treated as capped transferred-in service, with such period as so falls counting as such service.

(3)

In paragraph (2)(a) “the appropriate period” means the period calculated in accordance with regulation 2.F.11.

F4(3A)

If the Secretary of State accepts the payment from the member of a corresponding 1995 scheme, the relevant period of pensionable service shall count when determining whether or not the member has reached 45 years of pensionable service for the purposes of regulation 2.A.3.

(3B)

In paragraph (3A) “the relevant period” means the period calculated in accordance with regulation 2.F.11.

(4)

For the meaning of “capped transferred-in service”, see regulation 2.F.12.

(5)

The Secretary of State may not accept a transfer value payment if—

(a)

it would be applied in whole or in part in respect of the member’s F5... entitlement to a guaranteed minimum pension, and

(b)

it is less than the amount required for that purpose, as calculated in accordance with guidance and tables prepared by the Scheme actuary for the purposes of this paragraph.

(6)

Paragraph (5) does not apply if the transfer would be paid under the public sector transfer arrangements.

F6(7)

In the case of a 2008 Section Optant, this regulation is subject to regulation 2.K.13.

Annotations

Textual amendments

F1: Words in reg. 2.F.10(1) substituted (1.4.2013) by The National Health Service Pension Scheme, Additional Voluntary Contributions and Injury Benefits (Amendment) Regulations 2013 (S.I. 2013/413), regs. 1(2), 40(a)
F2: Word in reg. 2.F.10(1) substituted (1.4.2013) by The National Health Service Pension Scheme, Additional Voluntary Contributions and Injury Benefits (Amendment) Regulations 2013 (S.I. 2013/413), regs. 1(2), 40(b)
F3: Words in reg. 2.F.10(2) inserted (1.10.2009) by The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2009 (S.I. 2009/2446), reg. 1(2), Sch. 2 para. 1
F4: Reg. 2.F.10(3A)(3B) inserted (1.10.2008) by The National Health Service Pension Scheme and Injury Benefits (Amendment) Regulations 2008 (S.I. 2008/2263), regs. 1(2)(3), 43 (with reg. 93)
F5: Words in reg. 2.F.10(5) omitted (13.3.2014) by virtue of The National Health Service Pension Scheme, Additional Voluntary Contributions, Compensation for Premature Retirement and Injury Benefits (Amendment) Regulations 2014 (S.I. 2014/78), regs. 1(2), 13(2)
F6: Reg. 2.F.10(7) inserted (1.10.2009) by The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2009 (S.I. 2009/2446), regs. 1(2), 48