Regulation 25 Amendment of the Teachers' Pensions Regulations 1997

After regulation F4 insert the following—

“Acceptance of transfer values as part of a bulk transfer

F4A.

(1)

This regulation applies where, as the result of a transfer of undertakings to a new employer, a person or a group of persons has become employed in pensionable employment and is given the opportunity to transfer past service pension rights, referred to below as a “bulk transfer”.

(2)

Subject to regulation F4(5) and (6), a transfer value may be accepted by the Secretary of State in respect of a person who has made a written application within 3 months of the date on which that person was notified of the opportunity to take part in the bulk transfer.

(3)

A person in respect of whom a transfer of such rights has been accepted as part of a bulk transfer is entitled to count reckonable service in accordance with the agreed terms of the bulk transfer, the Secretary of State having taken advice from the Government Actuary.”.