Regulation 29 Receipt of transfer values

For regulation 73 of the principal Regulations there shall be substituted the following:—

“73

(1)

Where a teacher who enters reckonable service has, in consequence of service in previous employment, accrued rights to benefit under a superannuation scheme (whether or not his rights are preserved in that scheme or have been transferred to and are held under one or more such schemes or are appropriately secured for the purposes of section 52C of the Pensions Act by one or more appropriate policies), the teacher may, within 12 months of entering reckonable service, give written notice to the Secretary of State that he wishes the Secretary of State to accept a payment in respect of those accrued rights, or any part of them, from—

(a)

the trustees or managers of the superannuation scheme in which his accrued rights are preserved (in this regulation referred to as “the previous scheme”), or

(b)

the trustees or managers of the superannuation scheme, or the insurance company, to which a payment in respect of his accrued rights or any part thereof has been made.

(2)

Subject to paragraph (3), where notice is given and payment is made to the Secretary of State in accordance with paragraph (1)—

(a)

an additional period of reckonable service will be credited to the teacher in respect of the payment calculated in accordance with Part 2 of Schedule 10, and

(b)

the period of service in respect of which the payment is made, as certified by the trustees or managers of the previous scheme, shall be taken into account in determining whether any benefit is payable to or in respect of the teacher under these Regulations.

(3)

The Secretary of State shall not be required to accept a payment in accordance with paragraph (1) if it does not exceed the annual amount of the guaranteed minimum pension for which the Secretary of State would have been liable as a result of accepting it multiplied by the factor appropriate to that person, as set out in column 2 of the following table opposite his age, as at the date when the Secretary of State is requested to accept the payment, as set out in column 1—

Age	Appropriate Factor
29 or under	8
30 to 39	9
40 to 49	10
50 or over	12.

”.