# The Teachers' Pension Scheme Regulations 2014, Regulation 203: Payment of a transfer value

Extent: E+W

(1) On receipt of the application under regulation 202, the scheme manager must make a transfer value payment in respect of P.
(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.
(3) The whole of the transfer value must be applied.
(4) A transfer value payment in respect of a member's accrued rights under this scheme may only be made to the receiving scheme.
(5) A transfer value payment in respect of any pension credit rights or pension credit benefits must not be made under this regulation.
(6) If a transfer value payment is made in respect of a person's rights under this scheme, those rights are extinguished.

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Source: https://www.legislation.gov.uk/uksi/2014/512/regulation/203 (the official version)
Page: https://openlegislation.uk/teachers-pension-scheme-regulations-2014/regulation-203
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.