{
  "url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014/regulation-203",
  "json_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014/regulation-203.json",
  "legislation": "uksi/2014/512",
  "legislation_title": "The Teachers' Pension Scheme Regulations 2014",
  "legislation_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014",
  "path": "regulation/203",
  "kind": "regulation",
  "number": "203",
  "heading": "Payment of a transfer value",
  "text": "(1) On receipt of the application under regulation 202, the scheme manager must make a transfer value payment in respect of P.\n(2) A member of this scheme may only require the scheme manager to use a transfer value in a way specified in section 95(2) of PSA 1993.\n(3) The whole of the transfer value must be applied.\n(4) A transfer value payment in respect of a member's accrued rights under this scheme may only be made to the receiving scheme.\n(5) A transfer value payment in respect of any pension credit rights or pension credit benefits must not be made under this regulation.\n(6) If a transfer value payment is made in respect of a person's rights under this scheme, those rights are extinguished.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in reg. 203(1) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 21"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/512/regulation/203",
    "retrieved_at": "2026-10-29T00:24:37.807691+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."
}