# The Superannuation (English Teaching and Scottish Local Government) Interchange Rules 1968, Article 6: Transfer Value


(1) In respect of a person to whom this Part applies the Secretary of State shall, out of moneys provided by Parliament, pay to the fund authority a transfer value of an amount calculated in accordance with the following provisions of this rule.
(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 employed in teaching service, had ceased to be a contributory employee under one local authority and had become such an employee under another local authority and had been entitled to reckon as contributing service his reckonable service and his service reckonable for the purposes of Parts VII,IX and X of the Teachers' Regulations at the length at which it is so reckonable.
(3) For the purpose of calculating the amount of a transfer value any period of service which, having originally been non-contributing service or non-contributing service for the purposes of regulations made under section 67 of the National Health Service Act 1946 or section 66 of the National Health Service (Scotland) Act 1947 became reckonable as reckonable service by virtue of such regulations or of rules made under section 2 of the Act shall be treated as non-contributing service.
(4) For the purposes of paragraph (2) above service which is reckoned as contributing service shall be deemed to have been affected or modified in accordance with regulations applicable to contributing service made under section 110 of the National Insurance Act 1965or under any provision corresponding thereto contained in an enactment repealed by that Act, in like manner and to the like extent, as nearly as may be, as it was affected or modified by other such regulations.
(5) In calculating the amount of a transfer value there shall be excluded—
(a) any period of war service within the meaning of the Teachers Superannuation (War Service) Act 1939 and of national service within the meaning of the Teachers Superannuation (National Service) Rules 1949 in respect of which, at the time the transfer value is paid, the contributions remain unpaid; and
(b) any period of previous employment and any period additional to actual service in respect of which the person was immediately before ceasing to be employed in teaching 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.
(6) In respect of a person who ceased to be employed in teaching service more than one year before the operative date the amount of the transfer value shall, except in a case to which paragraph (7) below applies, be—
(a) calculated by reference to his age on the operative date; and
(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 4(2).
(7) In respect of a person who became employed in local government employment 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—
(a) calculated by reference to his age on the date on which he became employed in local government employment; and
(b) reduced by the amount of any compound interest payable by him in accordance with rule 4(2).

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Source: https://www.legislation.gov.uk/uksi/1968/1210/article/6 (the official version)
Page: https://openlegislation.uk/superannuation-english-teaching-and-scottish-local-government-interchange-rules-1968/article-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.