Paragraph 12 F1

(1)

If Section 3 of Chapter 4 of Part 4 (Transfers on a cash equivalent basis; transfer in) applies, a person (P) is entitled to count as reckonable service the period specified in this paragraph.

(2)

A period specified in this paragraph is determined by the Secretary of State having taken advice from the scheme actuary and by reference to—

(a)

P's age and salary at the date P entered pensionable employment, if a transfer value is received within 12 months of entering pensionable employment;

(b)

P's age and salary at the date a transfer value is received, if the transfer value is received more than 12 months after P enters pensionable employment.

(3)

Any sum representing interest that is included in the transfer value is to be taken into account.

Annotations

Textual amendments

F1: Sch. 6 paras. 11-12 substituted for Sch. 6 paras. 11, 12 (1.4.2015) by The Teachers' Pensions (Miscellaneous Amendments) (No. 2) Regulations 2014 (S.I. 2014/2651), regs. 1, 25(a)