Regulation F3 Amounts of transfer values and additional transfer values
Part I of Schedule 12 has effect, subject to paragraphs (2) and (3), for determining the amounts of transfer values payable under regulation F1.
Unless the receiving scheme is a club scheme, where—
the person in respect of whom a transfer value is payable had become entitled to count reckonable service under regulation F5(7) (receipt of transfer value), and
the amount determined in accordance with Part I of Schedule 12, together with that of any cash equivalent paid on the transfer, is less than the appropriate amount,
a transfer value of the appropriate amount is to be paid.
The appropriate amount is A+B−C, where—
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A is the transfer value received under regulation F5,
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B is the total of the contributions paid by the person under Part C, except any that fell to be treated for the purposes of regulation G2 as employer’s contributions, and
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C is any cash equivalent paid on the transfer.
The amount of an additional transfer value payable under regulation F2 is to be calculated in accordance with Part II of Schedule 12.