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Regulation F2 Amounts of transfer values and additional transfer valuesI1

Northern Ireland Not yet in force

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

(1)

Part I of Schedule 11 has effect, subject to paragraphs (2) and (3), for determining the amounts of transfer values payable under regulation F1.

(2)

Unless the receiving scheme is a club scheme, where—

(a)

the person in respect of whom a transfer value is payable had become entitled to count reckonable service under regulation F4(8) (receipt of transfer value); and

(b)

the amount determined in accordance with Part I of Schedule 11, together with that of any cash equivalent paid on the transfer, is less than the appropriate amount,

a transfer value of the appropriate amount shall be paid.

(3)

For the purposes of paragraph (2) the appropriate amount is

A+B-C,

where—

  • A is the transfer value received under regulation F4;

  • 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 employers' contributions; and

  • C is any cash equivalent paid on the transfer.

Annotations

Commencement

I1

Reg. F2 in operation at 2.11.1998, see reg. A1