{
  "url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006/schedule-1/paragraph-P5",
  "json_url": "https://openlegislation.uk/parliamentary-pensions-amendment-regulations-2006/schedule-1/paragraph-P5.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/P5",
  "kind": "paragraph",
  "number": "P5",
  "heading": "Calculating amounts of transfer value payments",
  "text": "(1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated in accordance with guidance and tables provided by the Government Actuary to the Trustees for use at the guarantee date.\nThis is subject to paragraph (3).\n(2) In preparing those tables the Government Actuary must use such factors as he considers appropriate, having regard to section 97 of the Pension Schemes Act 1993 and regulations made under that Act (whether or not the payment is in respect of a person entitled to a guaranteed cash equivalent transfer value payment under that Act).\n(3) If the amount calculated in accordance with paragraph (1) is less than the minimum transfer value, the amount of the guaranteed cash equivalent transfer value payment is to be equal to that value instead.\n(4) In paragraph (3) “the minimum transfer value”, in relation to any person, means the sum of any of such payments as are mentioned in paragraph (5) as a result of which he is entitled to count any reckonable service under the principal scheme by reference to which the accrued rights subject to the transfer are calculated.\n(5) The payments are—\n(a) any transfer value payments that have been made to the principal scheme in respect of him,\n(b) any contributions deducted in respect of him under Part D, and\n(c) any payments made under Part Q for the purchase of added years.",
  "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/P5",
    "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."
}