{
  "url": "https://openlegislation.uk/national-health-service-pension-scheme-regulations-2008/regulation-3.F.6",
  "json_url": "https://openlegislation.uk/national-health-service-pension-scheme-regulations-2008/regulation-3.F.6.json",
  "legislation": "uksi/2008/653",
  "legislation_title": "The National Health Service Pension Scheme Regulations 2008",
  "legislation_url": "https://openlegislation.uk/national-health-service-pension-scheme-regulations-2008",
  "path": "regulation/3.F.6",
  "kind": "regulation",
  "number": "3.F.6",
  "heading": "Calculating amounts of transfer value payments",
  "text": "(1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated and verified by the Secretary of State in accordance with the Occupational Pension Schemes (Transfer Values) Regulations 1996.\nThis is subject to paragraphs (2), (3) and (5).\n(2) Before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent, the Secretary of State shall take advice from the Scheme actuary.\n(3) If the amount calculated in accordance with paragraph (1) is less than the member’s minimum transfer value (if any), the amount of the guaranteed cash equivalent transfer value payment is to be equal to that value instead.\nThis is subject to paragraph (5).\n(4) In paragraph (3), “minimum transfer value” means—\n(a) in the case of a person other than a 2008 Section Optant, the sum of—\n(i) any transfer value payments that have been made to this Section of the Scheme in respect of the person as a result of which the person is entitled to count any pensionable service under this Section of the Scheme by reference to which the accrued rights subject to the transfer are calculated, and\n(ii) any contributions paid by the person under Chapter 3.C as a result of which the person is entitled to count such service;\n(b) in the case of a 2008 Section Optant, the sum of—\n(i) any transfer value payments that have been made to the 1995 Section in respect of the Optant;\n(ii) any contributions paid by the Optant under regulation D1 as modified by paragraph 10 of Schedule 2 to the 1995 Section (contributions by members) in respect of pensionable employment in that Section on or before 31st March 2008, and\n(iii) any payments made by the Optant under regulation Q1 as modified by paragraph 20 of Schedule 2 to of the 1995 Regulations (right to buy additional service) for the purchase of additional service,\nwhich entitle the Optant to count, under Chapter 3.K, any pensionable service by reference to which the accrued rights subject to the transfer are calculated.\n(5) If the transfer value payment is made under the public sector transfer arrangements, the amount of the transfer value payment is calculated—\n(a) in accordance with those arrangements rather than paragraphs (1) and (3), and\n(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 ; and\n(c) separately in respect of—\n(i) the aggregate of any amounts of pensionable earnings that the member is entitled to count for the purpose of calculating benefits payable to, or in respect of, the member that fall to be treated as—\n(aa) a capped increase to pensionable earnings in accordance with regulation 3.F.12, or\n(bb) an amount of capped Optant pensionable earnings in accordance with regulation 3.K.9, and\n(ii) any amount of pensionable earnings that do not fall to be so treated.\n(6) In the case of a 2008 Section Optant, this regulation is subject to regulation 3.K.11.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 3.F.6(1)(2) substituted (1.10.2008) by The National Health Service Pension Scheme and Injury Benefits (Amendment) Regulations 2008 (S.I. 2008/2263), regs. 1(2)(3), 72 (with reg. 93)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Reg. 3.F.6(4) substituted (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), 87(2)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Reg. 3.F.6(5)(c) and word 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), 87(3)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Reg. 3.F.6(6) 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), 87(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/653/regulation/3.F.6",
    "retrieved_at": "2026-10-29T03:34:22.381913+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}