{
  "url": "https://openlegislation.uk/teachers-pensions-regulations-1997/schedule-12/paragraph-6",
  "json_url": "https://openlegislation.uk/teachers-pensions-regulations-1997/schedule-12/paragraph-6.json",
  "legislation": "uksi/1997/3001",
  "legislation_title": "The Teachers' Pensions Regulations 1997",
  "legislation_url": "https://openlegislation.uk/teachers-pensions-regulations-1997",
  "path": "schedule/12/paragraph/6",
  "kind": "paragraph",
  "number": "6",
  "heading": null,
  "text": "(1) This paragraph applies where—\n(a) a transfer value falls to be calculated in accordance with paragraph 3 or 4, and\n(b) for the purposes of paragraph 3 C is greater than B.\n(2) Subject to sub-paragraphs (3) and (4), if the transfer value is not paid within 6 months after the person ceased to be in pensionable employment the amount calculated in accordance with paragraph 3 or 4 is increased by adding to it interest on C at 9% per annum, compounded with 3-monthly rests, for each complete period of 3 months after the end of the employment and before the date of payment.\n(3) If the employment ended before 1st April 1977 the amount calculated in accordance with paragraph 3 is increased by adding to it—\n(a) interest on C at 6% per annum, compounded with yearly rests, for each complete period of a year after the end of the employment and before 1st April 1977, and\n(b) interest on C at 9% per annum, compounded with 3 monthly rests, for the period of 3 months beginning on 1st April 1977 and for each subsequent complete period of 3 months before the date of payment.\n(4) If the employment ended after 5th April 1978 and before 1st April 1979 the amount calculated in accordance with paragraph 3 is increased by adding to it interest on C at 6% per annum compounded with yearly rests, for each complete period of a year after the end of the employment and before the date of payment.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "am",
      "affecting": "uksi/2006/736",
      "affecting_title": "The Teachers' Pensions (Miscellaneous Amendments) Regulations 2006"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/3001/schedule/12/paragraph/6",
    "retrieved_at": "2026-10-29T11:40:26.186253+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}