# The Superannuation (Teaching and Local Government) Interchange Rules 1970, Article 17: Transfer Value


(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.
(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 in the circumstances described in section 29 of the Act of 1937.
(3) In calculating the amount of a transfer value—
(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; and
(b) the Transfer Value Regulations shall be deemed to be modified—
(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
(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 sub-paragraph (c) of the said definition.
(4) The amount of the transfer value payable in respect of a person shall be calculated by reference to his age—
(a) on the operative date if, having ceased to be employed in local government employment more than twelve months before that date, he became employed in teaching service before that date; or
(b) on the date on which he became employed in teaching service if that date is on or after the operative date and more than twelve months after that on which he ceased to be employed in local government employment.
(5) The amount of the transfer value payable in respect of any person shall be reduced by—
(a) an amount equal to any compound interest payable by him in accordance with rule 14(2); and
(b) an amount equal to any sum payable by the fund authority by way of income tax by reason of the payment of the transfer value.

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Source: https://www.legislation.gov.uk/uksi/1970/1646/article/17 (the official version)
Page: https://openlegislation.uk/superannuation-teaching-and-local-government-interchange-rules-1970/article-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.