Regulation 143 Acceptance of transfer value payment

(1)

The scheme manager may accept an application under regulation 141 from a member (M) unless—

(a)

such conditions as the scheme manager requires are not met; or

(b)

paragraph (5) applies.

(2)

If the transfer is a non-club transfer and the scheme manager accepts the payment, M is entitled—

(a)

for the purposes of calculating benefits payable to, or in respect of, M under this scheme, to an increase in M's pensionable earnings calculated in accordance with regulation 144; and

(b)

to be credited with the relevant period of pensionable service in this scheme.

(3)

If the transfer is a club transfer, M is entitled—

(a)

to the amount of club transfer earned pension specified in the statement of entitlement; and

(b)

to be credited with the relevant period of pensionable service in this scheme.

(4)

The relevant period is equal to the period of employment that qualified M for the rights in respect of which the transfer is being made.

(5)

This paragraph applies to a non-club transfer if—

(a)

it would be applied in whole or in part in respect of M's or M's spouse's 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.