{
  "url": "https://openlegislation.uk/superannuation-english-teaching-and-scottish-local-government-interchange-rules-1968/article-17",
  "json_url": "https://openlegislation.uk/superannuation-english-teaching-and-scottish-local-government-interchange-rules-1968/article-17.json",
  "legislation": "uksi/1968/1210",
  "legislation_title": "The Superannuation (English Teaching and Scottish Local Government) Interchange Rules 1968",
  "legislation_url": "https://openlegislation.uk/superannuation-english-teaching-and-scottish-local-government-interchange-rules-1968",
  "path": "article/17",
  "kind": "article",
  "number": "17",
  "heading": "Transfer value",
  "text": "(1) In respect of a person to whom this Part applies the fund authority shall, out of the superannuation fund maintained by them, pay to the Secretary of State a transfer value of an amount calculated in accordance with the following provisions of this rule.\n(2) Subject as hereafter in this rule provided, the transfer value shall be an amount equal to the transfer value which would have been payable under the Transfer Value Regulations if the person, at the date when he ceased to be a contributory employee or local Act contributor, had become such an employee or contributor under another local authority.\n(3) In calculating the amount of a transfer value—\n(a) there shall be included any increase of service of the person by reason of the exercise under rule 16 of a discretion in his favour;\n(b) there shall be excluded any added years in respect of which the person was immediately before ceasing to be employed in local government service paying voluntary contributions and in respect of which, at the time the transfer value is paid, he has not elected to continue to pay such contributions; and\n(c) the Transfer Value Regulations shall be deemed to be modified—\n(i) by the omission from sub-paragraph (a) of the definition of “service” in paragraph 1 of the First Schedule thereto of the words “not being such service as is mentioned in proviso (a) to that sub-section”; and\n(ii) by the omission, in respect of a person who was an established officer or servant within the meaning of the Act of 1909, of subparagraph (c) of the said definition.\n(4) In respect of a person who ceased to be employed in local government employment more than one year before the operative date the amount of the transfer value shall, except in a case to which paragraph (5) below applies, be—\n(a) calculated by reference to his age on the operative date; and\n(b) where either paragraph (2) or paragraph (3) of rule 3 applies, reduced by the amount of any compound interest payable by him in accordance with rule 14(2).\n(5) In respect of a person who became employed in teaching service on or after the operative date and to whom either paragraph (2) or paragraph (3) of rule 3 applies the amount of the transfer value shall be—\n(a) calculated by reference to his age on the date on which he became employed in teaching service; and\n(b) reduced by the amount of any compound interest payable by him in accordance with rule 14(2).\n(6) The amount of the transfer value shall be reduced by an amount equal to any sum payable by the fund authority by way of income tax by reason of its payment.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1968/1210/article/17",
    "retrieved_at": "2026-10-29T23:21:25.583170+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."
}