Regulation 11 Outward transfers
Subject to paragraph (2), the Secretary of State shall, on application by a person who has ceased to be a contributor in accordance with regulation 8(2)(c) or (d), 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:—
an approved scheme which provides additional benefits but does not fall within section 591(2)(h) of the Taxes Act; or
a personal pension scheme; or
a retirement benefits 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.
A transfer value shall not be payable under paragraph (1) unless one is payable in respect of that person under regulation F1 of the 1992 Regulations.
Where a transfer value is payable under paragraph (1), the Secretary of State shall make payment by whichever is the earlier of the following:—
the date 12 months from the date on which the application is received by him; or
the date on which the applicant attains the age of 60 years where—
he ceased to be a contributor in accordance with regulation 8(2)(c) or (d) on a date prior to his attaining the age of 59 years; and
he made his application for payment of a transfer value within 6 months of that date.