# The Teachers' Pension Scheme Regulations (Northern Ireland) 2014, Paragraph 24: Accepting a bulk transfer payment


(1) This paragraph applies if another occupational pension scheme (“the sending scheme”) offers to make a bulk transfer payment in respect of all persons to whom this Part applies.
(2) The Department must accept a bulk transfer payment if it is offered.
(3) A transfer payment in respect of a person (P) may not be accepted as part of a bulk transfer payment if retirement benefits have become payable to P under the sending scheme.
(4) In this Part, “bulk transfer payment” means a single transfer payment in respect of all persons to whom this Part applies.
(5) The bulk transfer payment must be accepted into—
(a) the existing scheme so far as the payment relates to—
(i) benefits accrued in respect of pensionable service before 1st April 2022, 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 1st April 2022.

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Source: https://www.legislation.gov.uk/nisr/2014/310/schedule/3/paragraph/24 (the official version)
Page: https://openlegislation.uk/teachers-pension-scheme-regulations-northern-ireland-2014/schedule-3/paragraph-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.