Regulation 199 Acceptance of a transfer valueI1

Scotland

(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

F1: Words in reg. 199(1)(a) substituted (1.4.2015) by The Teachers’ Pension Scheme (Scotland) Amendment Regulations 2015 (S.S.I. 2015/97), regs. 1, 22