Regulation F2 Amounts of transfer values and additional transfer values
Part I of Schedule 12 has effect, subject to paragraphs (2) and (3), for determining the amounts of transfer values payable under regulation F1.
Unless the receiving scheme is a club scheme, where—
the person in respect of whom a transfer value is payable had become entitled to count reckonable service under regulation F4(8) (acceptance of transfer value), and
the amount determined in accordance with Part I of Schedule 12, together with that of any cash equivalent paid on the transfer, is less than the appropriate amount,
a transfer value of the appropriate amount is to be paid.
The appropriate amount is
where—
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A is the transfer value accepted under regulation F4,
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B is the total of the contributions paid by the person under Part C, except any that fell to be treated for the purposes of regulation G2 as employers' contributions, and
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C is any cash equivalent paid on the transfer.