Regulation 205 Acceptance of a transfer value
England and Wales
(1)
The scheme manager may not accept payment of a transfer value from the sending scheme if—
(a)
P has reached F1normal pension age;
(b)
retirement benefits have become payable to P under this scheme or under the sending scheme; or
(c)
the sending scheme was a money purchase arrangement to which P's previous employer made no contribution.
(2)
A transfer value payment in respect of any pension credit rights or pension credit benefits must not be accepted under this regulation.
Annotations
Textual amendments
- F1
Words in reg. 205(1)(a) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 22