Regulation F4 Acceptance of transfer values

(1)

Subject to paragraphs (2) to (6), a transfer value offered to the Secretary of State by the scheme managers of—

(a)

an approved pension scheme, or

(b)

a personal pension scheme, or

(c)

a scheme consisting of a self-employed pension arrangement,

(“the previous scheme”), in respect of a person who has entered pensionable employment, may be accepted.

(2)

In paragraph (1) “self-employed pension arrangement” means a personal pension scheme within the meaning of Chapter IV of Part XIV of the Taxes Act which—

(a)

is approved by the Commissioners of Inland Revenue under that Chapter, and

(b)

is neither a personal pension scheme nor a contract or scheme approved under Chapter III of Part XIV of the Taxes Act.

(3)

The person must have made a written request to the Secretary of State for the transfer value to be accepted.

(4)

Unless while the person was subject to the previous scheme he was employed in comparable British service, the request must have been made within 12 months after the day on which he entered pensionable employment.

(5)

A transfer value is not to be accepted if one was accepted before 3rd February 1998 in relation to the same transfer.

(6)

Subject to paragraph (7), a transfer value is not to be accepted if—

(a)

before he ceased to be subject to the previous scheme the person became entitled under regulation E4 to payment of retirement benefits, or

(b)

he has become entitled to payment of benefits under a provision of a statutory scheme corresponding to regulation E4.

(7)

Paragraph (6) does not apply if, while the person was subject to the previous scheme, he was employed in comparable British service and he entered pensionable employment—

(a)

immediately after the end of the employment, or

(b)

on or before his 60th birthday.

(8)

A person in respect of whom a transfer value has been accepted is entitled to count reckonable service in accordance with Part II of Schedule 12.