Paragraph 27 Member with tapered protection or no protection

(1)

This paragraph applies if a tapered protection member or a transition member who is not a protected member applies to the scheme manager for a club transfer value to be accepted.

(2)

On receipt of the application, the scheme manager must accept payment of the club transfer value if it is offered.

F1(3)

Payment of the club transfer value must be accepted into—

(a)

the existing scheme so far as the payment relates to—

(i)

benefits accrued in respect of pensionable service before the transition date; or

(ii)

final salary benefits whenever accrued;

(b)

this scheme so far as the payment relates to benefits, other than final salary benefits, accrued in respect of pensionable service on or after the transition date.

Annotations

Textual amendments

F1: Sch. 3 para. 27(3) substituted (1.4.2022) by The Teachers’ Pension Scheme (Amendment) Regulations 2022 (S.I. 2022/320), regs. 1(2), 2(6)