Paragraph 5

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

(1)

Subject to sub paragraph (2), in respect of a person who is in excluded employment by virtue of an election under regulation B7, the transfer value calculated in accordance with this Part shall be the aggregate of the following:–

(a)

in relation to the teacher’s retirement benefits, that part of the teacher’s accrued rights which bears the same proportion to his or her total accrued rights as his reckonable service after 5th April 1988 bears to his or her total reckonable service; and

(b)

in relation to that teacher’s spouse’s pension, that part of his or her accrued rights applicable to service after 5th April 1988.

(2)

Sub paragraph (1) shall not apply to a person whose reckonable service before 6th April 1988 amounts to less than 2 years.