Article 3 Amendment of Interchange Rules

The rules specified in column (1) of the schedule to these rules shall be amended by adding thereto in each case the following three rules (which shall be numbered as specified in column (2) thereof), namely:—

“Extension of time

(1)

Notwithstanding any other provision of these rules, the authorities may at any time, on the application of a person who desires these rules to apply to him, agree to extend any of the following periods, namely—

(a)

a period of 12 months after the person ceased to be employed in employment of a class to which these rules apply;

(b)

a period of 6 months after any period of national service; or

(c)

a period of 3 months within which the person must notify in writing that he desires these rules to apply to him.

(2)

An authority to whom a person must furnish particulars of service or pay an amount equal to any sum paid to him by way of return of contributions may at any time, on the application of that person, extend the period within which he must take such action.

(3)

Where a period is extended pursuant to paragraph (1)(a) of this rule in respect of a person who—

(a)

ceased to be in local government employment before 1st July 1968 and

(b)

entered the employment of the other authority before 1st July 1969, then, notwithstanding any other provision of these rules, the transfer value payable by the authority maintaining the fund to which he was a contributor shall be calculated by reference to his age on 1st July 1969.

(4)

Where a period is extended pursuant to paragraph (1)(a) of this rule in respect of a person who—

(a)

has ceased to be in local government employment and

(b)

entered the employment of the other authority on or after 1st July 1969,

then, notwithstanding any other provision of these rules, the transfer value payable by the authority maintaining the fund to which he was a contributor shall be calculated by reference to his age on entering the employment of the other authority.

Interest on returned contributions

(1)

Where a period is extended pursuant to paragraph (1)(a) of the last preceding rule in respect of a person who has ceased to be in local government employment, that person may be required by the authority maintaining the fund to which he was a contributor to make a payment by way of compound interest on any sum paid to him by way of return of contributions, other than voluntary contributions, on or after ceasing to be in that employment at a rate of 3% per annum with half-yearly rests for a period beginning either with the date 12 months after the date on which he left that employment or, where this is later, the date on which he received such sum, and ending with the date on which he notified in writing that he desired these rules to apply to him.

(2)

The interest payable under this rule shall not exceed a sum equal to one-half of the difference between the transfer value payable by virtue of paragraph (3) or (4) of the last preceding rule, as may be applicable, and the transfer value which would be payable if calculated by reference to the person's age on ceasing to be in that employment.

(3)

A person required to pay interest under this rule shall pay it to the authority whose employment he has entered, together with any amount he may be required to pay in respect of returned contributions; and the authority maintaining the superannuation fund to which he was a contributor before leaving local government employment shall reduce the transfer value payable by them by a corresponding amount.

Termination of entitlement

Notwithstanding anything in the Act of 1937 or any local Act scheme, when these rules become applicable to a person who has ceased to be in employment in which he was a contributory employee or local Act contributor, he shall cease to be entitled to any payment out of the superannuation fund to which he contributed while in that employment in respect of any service of which account was taken in calculating the transfer value payable under these rules out of that fund, other than a payment by way of return of voluntary contributions.”.