{
  "url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006/schedule-1/paragraph-P3",
  "json_url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006/schedule-1/paragraph-P3.json",
  "legislation": "uksi/2006/920",
  "legislation_title": "The Parliamentary Pensions (Amendment) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006",
  "path": "schedule/1/paragraph/P3",
  "kind": "paragraph",
  "number": "P3",
  "heading": "Applications for transfer value payments",
  "text": "(1) A former participant who has applied for and received a statement of entitlement under regulation P2 may apply in writing to the Trustees for a transfer value payment to be made.\n(2) On making such an application a former participant becomes entitled to a payment of an amount equal, or amounts equal in aggregate, to the amount specified in the statement of entitlement (or such other amount as may be payable by virtue of paragraph (9)).\nIn these Regulations such a payment is referred to as “the guaranteed cash equivalent transfer value payment”.\n(3) An application under paragraph (1) must be made before the end of the period of 3 months beginning with the guarantee date, and the payment must be made no later than—\n(a) six months after that date, or\n(b) if it is earlier, the date on which the former participant reaches 65.\n(4) The application must specify the pension scheme or other arrangement to which the payment or payments should be applied.\n(5) An application by a person who is entitled to apply for a guaranteed cash equivalent transfer value payment under Chapter 4 of Part 4 of the Pension Schemes Act 1993 may only be made—\n(a) on or before the applicant’s 64th birthday, or\n(b) before the end of the period of 6 months beginning with the day after that on which the applicant ceases to be a participant,\nwhichever is the later.\n(6) An application by a person who is not entitled to apply for a guaranteed cash equivalent transfer value payment under Chapter 4 of Part 4 of the Pension Schemes Act 1993 may only be made—\n(a) before the expiry of the period of one year beginning with the day on which the applicant ceases to be a participant,\n(b) before the applicant reaches the age of 65, and\n(c) if Chapter 5 of Part 4 of the Pension Schemes Act 1993 applies to the person, before the expiry of—\n(i) the period of 3 months beginning with the day after that on which the Trustees notify the person in writing of his options in accordance with section 101AC of that Act, or\n(ii) such longer period as the Trustees allow.\n(7) The Trustees may extend any time limit applying to an application under paragraph (1) if they consider it reasonable to do so in the circumstances.\n(8) An application under this regulation may be withdrawn by notice in writing, unless an agreement for the application of the whole or part of the guaranteed cash equivalent transfer value payment has been entered into with a third party before the notice is given.\n(9) If the payment is made later than six months after the guarantee date, the amount of the payment to which the former participant is entitled must be increased by—\n(a) the amount by which the amount specified in the statement of entitlement falls short of the amount it would have been if the guarantee date had been the date on which the payment is made, or\n(b) if it is greater and there was no reasonable excuse for the delay in payment, interest on the amount specified in the statement of entitlement, calculated on a daily basis over the period from the guarantee date to the date when the payment is made at an annual rate of 1% above the Bank of England base rate.\n(10) In this regulation “Bank of England base rate” means—\n(a) except where sub-paragraph (b) applies, the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, and\n(b) where an order under section 19 of the Bank of England Act 1998 (Treasury’s reserve powers) is in force, any equivalent rate determined by the Treasury under that section.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1998 c. 11."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/920/schedule/1/paragraph/P3",
    "retrieved_at": "2026-10-29T04:33:07.580715+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."
}