Article P1 Transfers to other pension schemes

(1)

At the request of any person who has been a participant but who has ceased to be either–

(a)

a member of the Parliament; or

(b)

an office holder,

and who (in either case) has not become entitled to a pension under the Scheme, the Parliamentary corporation shall pay into or for the purposes of any one, or more than one, scheme or annuity to which this article applies, a sum or sums representing the transfer value of that person’s accrued pension rights in the Fund (referred to in this article as a “transfer payment”).

(2)

This article applies to any scheme or annuity which satisfies the requirements prescribed by regulations made under section 95(2) of the Pension Schemes Act 1993.

(3)

Where a person has required the Parliamentary corporation to make a transfer payment in accordance with paragraph (1), there shall be deducted from that payment–

(a)

the amount of any contributions equivalent premium; or

(b)

an amount sufficient to meet the liability in respect of the person’s contracted-out rights.

(4)

The amount mentioned in paragraph (1)(b) may not be deducted where–

(a)

the transfer payment is made to an occupational pension scheme which is contracted-out or an appropriate personal pension scheme; and

(b)

that scheme’s trustees or managers undertake to accept liability for his contracted-out rights.

(5)

Where the amount mentioned in paragraph (1)(a) is deducted, if the Parliamentary corporation thinks fit, that amount may be used in preserving the liability mentioned in paragraph (2)(b) in the Fund, otherwise it may be used in paying the contributions equivalent premium.

(6)

A person may require the Parliamentary corporation to make a transfer payment in respect of him at any time before a date–

(a)

not more than one year before the date on which he attains the age of 65; or

(b)

not more than six months after the date on which he ceases to be a participant,

whichever is the later.