Regulation 24 Leaving the AVC scheme: refunds of contributions, transfers out etc.

for “Schedule 1A to the Pensions Act 1975” substitute “Chapter 4 of Part 4 of the Pension Schemes Act 1993 (transfer values)”,

for paragraphs (a) and (b) substitute—

“(a)

to apply an amount equal to the value of the contributor’s accrued benefits in such one or more of the ways permitted under section 95 of that Act as the contributor specifies;”,

in paragraph (c) after “less than two years” insert “and the payment would qualify as a short service refund lump sum for the purposes of section 166(1) of the Finance Act 2004 (lump sum rule) (see paragraph 5 of Schedule 29 to that Act)”, and

in the second sentence^f1 after “by the contributor” insert “and any transfer values accepted under regulation 5(4)”.