Regulation 22 Payment of transfer values

in paragraph (1), for the words “(hereafter referred to as his “old employment”),”, there shall be substituted the words “or is a person who entered excluded employment by virtue of an election made under regulation 4A,”;

in paragraph (1)(a), for the words “his old employment terminated”, there shall be substituted the words “he ceased to be employed in reckonable service or entered excluded employment”;

in paragraph (1)(b)(ii), for the words “leaving his old employment”, there shall be substituted the words “ceasing to be employed in reckonable service” and for the words “6 months”, there shall be substituted the words “12 months”;

at the end of paragraph (1)(b)(ii), for the semi-colon, there shall be substituted the word “or” and the following head shall be added:—

“(iii)

who after ceasing to be employed in reckonable service or entering excluded employment participates in a personal pension scheme or a self-employed pension arrangement and has within 12 months of beginning to so participate made an application such as is mentioned in sub-paragraph (d) for payment of a transfer value;”;

in paragraph (1)(c), for the words “old employment” where they first occur, there shall be substituted the words “reckonable service” and, where they next both occur, the words “in his old employment” shall be deleted;

in paragraph (1)(d)(ii), for the words “his old employment terminated”, there shall be substituted the words “he ceased to be employed in reckonable service or entered excluded employment”; and

after paragraph (5) there shall be inserted the following:—

“(6)

When the payment of a transfer value is made, the teacher’s accrued rights, within the meaning given in Schedule 10, to which it relates, shall cease to be treated as such for all purposes of these Regulations.”.