# The Teachers' Pensions Regulations 1997, Paragraph 3


Where—
(a) a transfer value is payable to the scheme managers of an approved pension scheme which is not a club scheme, and
(b) the service to which it relates includes service before 1st September 1988, and
(c) no right to a cash equivalent was acquired,
the amount of the transfer value is the total of
A and the greater of B and C, where—
A is a notional transfer value, calculated on the cash equivalent basis, in respect of the person’s service after 31st August 1988,
B is a notional transfer value, calculated on the cash equivalent basis, in respect of his service before 1st September 1988, and
C is a notional transfer value, calculated as if Schedule 7 to the 1976 Regulations, as in force on 31st August 1988, had continued in force, in respect his service before 1st September 1988.

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Source: https://www.legislation.gov.uk/uksi/1997/3001/schedule/12/paragraph/3 (the official version)
Page: https://openlegislation.uk/teachers-pensions-regulations-1997/schedule-12/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.