Regulation 29 Amendment of Principal Regulations

In regulation F1 for paragraph (4) there shall be substituted the following paragraph–

“(4)

Subject to paragraph (4A) a transfer value shall not be paid in respect of a person who, when the application was received, had become entitled under regulation E4 to payment of retirement benefits or under regulation E16 or E17 respectively to a short-service annuity or incapacity grant and for the purposes of this paragraph, a person who is entitled to payment of such benefits includes a person who has not applied for payment of them.

(4A)

A transfer value shall be paid if–

(a)

the employment in which the person has become subject to the receiving scheme is comparable British service, and

(b)

he entered it–

(i)

immediately after ceasing to be in pensionable employment, or

(ii)

on or before his 60th birthday, and

(c)

he has not applied for payment of any benefit.”.