Paragraph 1

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

sch 12 am by Teachers' Superannuation 2006 reg 12
sch 12 am by Teachers' Superannuation 2007 regs 2, 83
Sch 12, Pt I, paras 4, 5 am by Teachers' Superannuation 2005 regs 2, 23(1)–(3), 28
Sch 12, Pt II, para 12 am by Teachers' Superannuation 2005 regs 2, 23(1), (4), 28
Sch 12, Pt II, para 12A am by Teachers' Superannuation 2005 regs 2, 23(1), (5), 28
Sch. 12 substituted by Teachers' Superannuation 2015 reg. 17

Subject to paragraphs 2 to 6 and 9 and 10, a transfer value to be paid in accordance with the provisions of regulation G1 in respect of a teacher shall be–

(a)

the capitalised value of his or her accrued rights under these Regulations at the guarantee date, and any associated rights under the 1971 Act^f1 and the Pensions (Increase) Act 1974^f2,

together with–

(b)

where the transfer value is without reasonable cause or excuse not paid within 6 months of the guarantee date, and it is not to be made to a club scheme, the greater of–

(i)

interest, if any, calculated on a daily basis over the period from the guarantee date to the date on which the transfer value is paid, at the rate set out in regulation 10(2) of the Occupational Pension Schemes (Transfer Values) Regulations 1996^f3; or

(ii)

the amount by which the transfer value falls short of what it would have been if the guarantee date had been the date on which the transfer value was paid.

Annotations

Footnotes

f1: 1971 c. 56.
f2: 1974 c. 9.
f3: S.I. 1996/1847.