Regulation 3.F.14 Bulk transfers outF1
England and Wales
This regulation applies if—
the employment of one or more active members (“the transferring employees”) is transferred without their consent to a new employer,
on that transfer the transferring employees cease to be eligible to be active members of F2this Section of the Scheme,
after that transfer the transferring employees become active members of another occupational pension scheme (“the new employer’s scheme”),
the Secretary of State has agreed special terms for the making of transfer value payments in respect of the transferring employees to the new employer’s scheme, after consultation with the Scheme actuary, and
the transferring employees have consented in writing to their rights being transferred in accordance with those terms.
In the case of the transferring members or the transferred members the transfer value payment to be paid—
is not calculated in accordance with regulation 3.F.6, but
is to be such amount as the Secretary of State determines to be appropriate in accordance with the special terms after consulting the Scheme actuary.
This Chapter has effect with such modifications as are necessary to give effect to those terms.
If the transfer is directly or indirectly attributable to an enactment, this Chapter has effect with such modifications as the Secretary of State considers necessary in consequence of the transfer.
Where a member to whom this regulation applies is also a member to whom Part 2 applies, a bulk transfer under this regulation also operates as a transfer of that member’s rights under Part 2
Annotations
Textual amendments
- F1
Words in Regulations substituted (6.11.2023) by The Health and Care Act 2022 (Further Consequential Amendments) (No. 2) Regulations 2023 (S.I. 2023/1071), reg. 1(1), Sch. para. 1
- F2
Words in reg. 3.F.14(1)(b) 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