Regulation 11 Outward transfers

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

reg. 11(3) inserted by Teachers' Superannuation (Sharing of Pensions on Divorce or Annulment) 2001 Sch. 5 para. 3 reg. 3(2)
reg. 11(1)-(2) substituted by Teachers’ Superannuation 2006 reg. 2
reg. 11(2) words substituted by Teachers' Superannuation 2005 reg. 4
reg. 11(1) words omitted by Teachers’ Superannuation (Additional Voluntary Contributions) 2015 reg. 11(a)(i)
reg. 11(1) words inserted by Teachers’ Superannuation (Additional Voluntary Contributions) 2015 reg. 11(a)(ii)
reg. 11(1) words inserted by Teachers’ Superannuation (Additional Voluntary Contributions) 2015 reg. 11(a)(iii)
reg. 11(2) substituted by Teachers’ Superannuation (Additional Voluntary Contributions) 2015 reg. 11(b)

(1)

Subject to paragraph (2), the Department 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 75 of the Principal Regulations^f1.

Annotations

Footnotes

f1: Regulation 75 was substituted by S.R. 1989 No. 25 regulation 12(2)