Regulation F1 Payment of transfer values
Subject to paragraphs (2) to (14), where a teacher has, after 31st December 1985, ceased to be in pensionable employment, or has, after 5th April 1988, entered excluded employment by virtue of an election made under regulation B6, the Secretary of State shall in respect of that teacher pay a transfer value, calculated in accordance with Part I of Schedule 11, to be used in accordance with paragraph 13 of Schedule 1A to the Pensions Actf1 at the teacher’s option in one or more of the ways set out in sub-paragraph (2) of that paragraph.
A transfer value is not to be paid unless the teacher ceased to be employed in pensionable employment, or entered excluded employment, before attaining the age of 60 years or, where paragraph (5) applies, the age of 59 years.
A transfer value is not to be paid where a teacher has been in pensionable employment for less than 2 years unless–
on ceasing to be employed in pensionable employment and taking up employment in which he participates in an approved superannuation scheme, personal pension scheme or self employed pension arrangement; or
on entering excluded employment in which he participates in a personal pension scheme,
-
he has, within 12 months af⅔ ter taking up that employment or beginning so to participate, made an application such as is mentioned in paragraph (4) for payment of a transfer value.
The teacher must before–
attaining the age of 60 years; or
where paragraph (5) applies, attaining the age of 59 years, or 6 months after the date he ceased to be employed in pensionable employment or entered excluded employment, whichever is later,
-
have made an application in writing to the Secretary of State for payment of a transfer value and not subsequently withdrawn it in accordance with paragraph (9).
This paragraph applies where a teacher opts to have payment of his transfer value, or any portion of it, made to one or more insurance companies to purchase an appropriate policy.
Where paragraph (5) applies, a transfer value is not to be paid unless the teacher has been in pensionable employment for at least 2 years.
A transfer value is not to be paid in respect of a teacher to whom benefits under these Regulations have been paid, other than -
a benefit consisting of a return of contributions in respect of part only of the teacher’s pensionable employment (whether or not repaid to the Secretary of State); or
a benefit consisting of a return of contributions in respect of all of the teacher’s pensionable employment under regulation 17(2) or 45(1) of the 1977 Regulations where an amount equal to the sum received by him has subsequently been repaid to the Secretary of State.
In the case of a teacher taking up employment in comparable British service, the time limit prescribed in paragraph (3) for making an application such as is mentioned in paragraph (4) shall not apply.
An application for payment of a transfer value may be withdrawn by a teacher by giving notice in writing to the Secretary of State, but such a notice will be of no effect if prior to the date of receiving it the Secretary of State has entered into an agreement with a third party to use the whole or any part of the teacher’s transfer value in one of the ways set out in paragraph 13 of Schedule 1A to the Pensions Act.
A teacher who withdraws an application in terms of paragraph (9) may make another.
Subject to paragraph (12), the Secretary of State shall, on receipt of the teacher’s application under paragraph (4), pay a transfer value 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 teacher attains the age of 60 years where–
he ceased to be employed in pensionable employment or entered excluded employment 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.
Where proceedings before a court have been commenced against a teacher at any time before the expiry of the period of 12 months beginning with the date on which his pensionable employment terminates and it appears to the Secretary of State that the proceedings may lead to any retiring allowance or gratuity payable under these Regulations to the teacher being reduced or withheld under regulation E18 (forfeiture), the date by which the Secretary of State shall pay a transfer value shall be–
the date before which he would be required to do so under paragraph (11); or
the end of the period of 3 months after the conclusion of the court proceedings (including any proceedings on appeal),
-
whichever is the later.
When the payment of a transfer value is made, the teacher’s accrued rights, within the meaning given in Schedule 11, to which it relates shall cease to be treated as such for all purposes of these Regulations.
Where a body administering a superannuation scheme waives payment of a transfer value which would otherwise have been paid by the Secretary of State under this regulation, such a payment will be deemed to have been made for all purposes of these Regulations.
Annotations
Footnotes
- f1
-
Schedule 1A was inserted by the Social Security Act 1985 (c. 53), Schedule 1, paragraph 3 and amended by the Social Security Act 1986 (c. 50), Schedule 10, paragraphs 29 and 30..