Regulation 11 Outward transfers

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg 11 am by Teachers' Pensions 2006 reg 7
reg. 11(2) words substituted by Teachers' Pensions 1997 reg. H11(6)
reg.11 amended by Teachers' Pensions (Sharing of Pensions on Divorce or Annulment) 2000 reg.3(2), Sch.5, para. 3, reg.5
reg. 11(1) words omitted by Teachers' Superannuation (Additional Voluntary Contributions) 2015 reg. 10(a)(i)
reg. 11(1) words inserted by Teachers' Superannuation (Additional Voluntary Contributions) 2015 reg. 10(a)(ii)
reg. 11(1) words inserted by Teachers' Superannuation (Additional Voluntary Contributions) 2015 reg. 10(a)(iii)
reg. 11(2) words substituted by Teachers' Superannuation (Additional Voluntary Contributions) 2015 reg. 10(b)
reg. 11(1) words omitted by Teachers’ Pensions 2011 Sch. 1 para. 2(1)
regs 11, 12 am by Teachers’ Pensions 2010 reg 138, sch 11
reg. 11(2) substituted by Teachers’ Pensions 2011 Sch. 1 para. 2(2)
reg 11 am by Teachers' Pensions 2005 regs 2, 4
reg 11 am by Teachers’ Pensions 2006 reg 2

(1)

Subject to paragraph (2), the Secretary of State shall, on application by a person who has ceased to be a contributor by virtue of regulation 7(2)(c), pay a transfer value representing the value of investments made under regulation 9(1) or 10(2) to one of the following schemes in which the person may be participating:—

(a)

an approved scheme which provides additional benefits but does not fall within section 591(2)(h) of the Taxes Act; or

(b)

a personal pension scheme; or

(c)

any other approved scheme, provided the trustees or managers certify that the transfer value shall not be used to purchase benefits in the form of a tax-free lump sum.

(2)

A transfer value shall not be payable under paragraph (1) unless one is payable in respect of that person under regulation F1 of the 1988 Regulations.