{
  "url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006/schedule-1/paragraph-P4",
  "json_url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006/schedule-1/paragraph-P4.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/P4",
  "kind": "paragraph",
  "number": "P4",
  "heading": "Ways in which transfer value payments may be applied",
  "text": "(1) A former participant may only require the Trustees to apply the guaranteed cash equivalent transfer value payment in one or more of the ways permitted under section 95 of the Pension Schemes Act 1993 (whether or not he is entitled to a guaranteed cash equivalent transfer value payment under that Act).\n(2) The whole of the guaranteed cash equivalent transfer value payment must be applied except so far as paragraph (3) applies.\n(3) The benefits attributable to—\n(a) the former participant’s accrued rights to a guaranteed minimum pension, or\n(b) the former participant’s accrued rights attributable to service in contracted-out employment on or after 6 April 1997,\nmay be excluded from the guaranteed cash equivalent transfer value payment if section 96(2) of the Pension Schemes Act 1993 applies (trustees or managers of certain receiving schemes or arrangements able and willing to accept a transfer payment only in respect of the member’s other rights).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/920/schedule/1/paragraph/P4",
    "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."
}