Office of Public Sector Information
PART 2 continued CHAPTER 2.E continued
(1) This regulation applies for determining the annual amount of the pension payable under regulation 2.E.8(1) if at the date of death the deceased was a deferred member of the scheme who was not also an active member or a pensioner member.
(2) That amount is the appropriate fraction of the basic death pension.
(3) In this regulation “the basic death pension”—
(a) if the deceased died within 12 months after ceasing to be an active member, means the amount that would be the basic death pension for the purposes of regulation 2.E.10 if the deceased had died on the day of so ceasing (disregarding any additional pension), and
(b) otherwise, means the greater of—
(i) 75% of the pension to which the deceased would have been entitled if the deceased had become entitled to a pension under 2.D.1 on the date of death (disregarding any additional pension), and
(ii) 75% of the pension to which the deceased would have been entitled if the deceased had become so entitled and the pension had been calculated on the assumption that the member was entitled to 10 years’ pensionable service (disregarding any additional pension).
(4) In this regulation “the appropriate fraction” means—
(a) if there is a surviving parent of the dependent child or children or a surviving spouse or civil partner of a parent of the dependent child or children and a surviving adult’s pension is payable—
(i) one-quarter if there is only one dependent child, and
(ii) one-half if there are two or more dependent children,
(b) otherwise—
(i) one-third if there is only one dependent child, and
(ii) two-thirds if there are two or more dependent children.
(1) This regulation applies for determining the annual amount of the pension payable under regulation 2.E.8(1) if at the date of death the deceased was a recent leaver (within the meaning of regulation 2.E.6(3)).
(2) That amount is the appropriate fraction of the basic death pension.
(3) In this regulation—
(a) “the basic death pension” means 75% of the pension to which the deceased would have been entitled if the deceased had become entitled to a pension under regulation 2.D.1 on the date of death and the pension had been calculated on the assumption that the member was entitled to 10 years’ pensionable service (disregarding any additional pension), and
(b) “the appropriate fraction” means—
(i) if there is a surviving parent of the dependant child or children or a surviving spouse or civil partner of a parent of the dependant child or children and a surviving adult’s pension is payable—
(aa) one-quarter if there is only one dependant child, and
(bb) one-half if there are two or more dependant children,
(ii) otherwise—
(aa) one-third if there is only one dependant child, and
(bb) two-thirds if there are two or more dependant children.
(1) This regulation applies if—
(a) a member dies leaving a dependent child or children,
(b) there is a surviving parent of the dependent child or children or a surviving spouse or civil partner of a parent of the dependent child or children, and
(c) the dependent child or children are not being maintained by that surviving parent, spouse or partner.
(2) The Secretary of State may increase the amount of the pension that would otherwise be payable under this Chapter in respect of the dependant child or children.
(3) The increased amount may not exceed the amount that would have been payable under this Chapter if there had been no such surviving parent or spouse or partner of a parent.
(1) This regulation applies for determining the annual amount of a pension payable under regulation 2.E.8(1) if at the date of death the deceased was an active member who was also a pensioner member of the Scheme.
(2) If there is no surviving adult dependant, the rate of the pension in respect of the dependent child or children for the period of 6 months beginning with the deceased’s death is equal to the sum of—
(a) the rate of the deceased’s pensionable pay at the date of death, and
(b) the rate of the pension being received by the deceased at the date of death (after taking account of any abatement under Chapter 2.H).
(3) Subject to paragraph (5), except where a pension is payable at the rate mentioned in paragraph (2), the pension in respect of the member’s later service shall be paid as the appropriate fraction of 75% of the rate of pension described in—
(a) regulation 2.D.8(5) of this Part if the deceased has not reached the age of 65 on the date of death, or
(b) regulation 2.D.1 of this Part if the deceased has reached the age of 65 on the date of death.
(4) In this regulation “appropriate fraction” has the meaning given in regulation 2.E.10(5).
(5) If any dependent child was a dependent child both at the time when the pensionable service in respect of which the pension is payable ceased and at the date of death, the annual amount of the pension in respect of the dependent child or children is the sum of—
(a) the annual amount that would be payable in respect of the child under regulation 2.E.10 as a result of the member dying whilst an active member if that regulation applied to members who are also pensioner members (disregarding the pensionable service in respect of which the pension is payable (“the pension service”) and any additional pension), and
(b) the annual amount that would be payable in respect of the child under regulation 2.E.11 as a result of the member dying whilst a pensioner member if that regulation applied to members who are also active members (having regard only to the pension service and disregarding any additional pension).
(6) If, apart from this paragraph, the sum of—
(a) the relevant service (as defined in regulation 2.E.10(4)) for the purposes of the calculation of the annual amount referred to in paragraph (5)(a), and
(b) the pension service,
would be less than 10 years’ pensionable service, the deceased’s relevant service for the purposes of that calculation is increased by the length of the shortfall.
(1) If a member or a recent leaver or a deferred member dies before reaching the age of 75, a lump sum is payable in accordance with this Chapter.
(2) Paragraph (1) is subject to the following provisions of this Chapter.
(3) This regulation does not apply if—
(a) the member is—
(i) a pensioner member, or
(ii) a pension credit member who dies after any benefits attributable to the pension credit have become payable, and
(b) the death takes place more than five years after the member’s pension becomes payable.
(1) The lump sum payable on the death of an active member, who is not also a deferred member or a pensioner member, is an amount equal to twice the member’s reckonable pay.
(2) The lump sum payable on the death of a pensioner member, who is not also an active member or a deferred member, is, in respect of each pension to which the member is entitled, the lesser of—
(a) an amount equal to five times the annual rate of the pension (other than any additional pension), less the amount of the pension payments already made to the member, and
(b) an amount equal to twice the member’s reckonable pay by reference to which the pension was calculated, less any lump sum paid to the member when the pension came into payment as a result of the member exercising the option under regulation 2.D.14 (general option to exchange part of pension for lump sum).
(3) The lump sum payable on the death of a deferred member, who is not an active member or a pensioner member, is an amount equal to the member’s deferred annual pension, multiplied by 2.25.
(4) The lump sum payable on the death of a recent leaver is an amount equal to the deferred annual pension to which the person would have been entitled if the person were entitled to such a pension calculated by reference to the pensionable service the recent leaver was entitled to count in the service that has ceased, multiplied by 2.25.
(5) References in this regulation to a member’s deferred annual pension are to the annual pension, in respect of any period of pensionable service, to which the member would have been entitled under regulation 2.D.1 (normal retirement pensions) if on the date of death the member had become entitled to such a pension (other than any additional pension).
(6) If a pensioner member exercised the option under regulation 2.D.14 (general option to exchange part of pension for lump sum), the reference in paragraph (2)(a) to the annual rate of the member’s pension is to the pension payable after the exercise of that option.
(7) If a pensioner member exercised the option under regulation 2.D.18 (election to allocate pension), the reference in paragraph (2)(a) to the amount of the pension payments already made to the member is a reference to the amount of the pension payments that would have been made apart from the election.
(8) For the purposes of this regulation, the fact that a person—
(a) is an active member in service in an employment in respect of which the member has exercised the option under regulation 2.D.5,
(b) is a deferred member as a result of service in an employment in respect of which the member has exercised that option, or
(c) is a pensioner member by virtue of being entitled to a pension under that regulation,
is ignored.
(1) Paragraph (2) applies for determining the lump sum payable by virtue of this regulation on the death of a member who—
(a) was an active member otherwise than in service in an employment in respect of which the member had exercised the option under regulation 2.D.5 (partial retirement: members aged at least 55), and
(b) was also a pensioner member.
(2) The lump sum is an amount equal to the sum of—
(a) five times the annual rate of the pension—
(i) payable under regulation 2.D.8(4) (tier 1 ill-health pension), if the deceased had not reached the age of 65 on the date of death,
(ii) payable under regulation 2.D.1 (normal retirement pensions), if the deceased had reached the age of 65 on the date of death,
to which the member would have been entitled on the date of death, and
(b) in respect of each pension to which the person has been entitled for less than 5 years, the lesser of—
(i) five times the annual rate of the pension payable after exercising any option under regulation 2.D.14 (general option to exchange part of pension for lump sum), less the amount of the pension payments already made to the member, and
(ii) an amount equal to twice the member’s reckonable pay by reference to which the pension was calculated, less any lump sum paid to the member when the pension came into payment as a result of the member exercising the option under regulation 2.D.14 (general option to exchange part of pension for lump sum).
(3) If the pensioner member exercised the option under regulation 2.D.18, the reference in paragraph (2)(b) to the amount of the pension payments already made to the member is a reference to the amount of the pension payments that would have been made apart from the election.
(1) Paragraph (2) applies for determining the lump sum payable by virtue of this regulation on the death of a member who—
(a) is an active member in service in an employment in respect of which the member has exercised the option under regulation 2.D.5 (partial retirement: members aged at least 55), and
(b) is a pensioner member by virtue of being entitled to a pension under that regulation.
(2) The lump sum is an amount equal to the sum of—
(a) twice the appropriate fraction of the member’s final pensionable pay in that employment at the date of death, and
(b) if the member had been entitled to any pensions under regulation 2.D.5 for less than 5 years, the lesser of—
(i) the total of the guarantee amounts for each of those pensions (see paragraph (3)), and
(ii) the aggregate lump sum cap (see paragraph (4)).
(3) The guarantee amount for a pension under regulation 2.D.5 is five times the annual rate of the pension at the date of death, less the amount of the pension payments already made to the member in respect of the pension.
(4) The aggregate lump sum cap is equal to twice the appropriate fraction of the reckonable pay by reference to which the pension to which the member became entitled on last exercising the option under regulation 2.D.5 was calculated, less the total of any lump sums paid to the member in exchange for pensions under regulation 2.D.5 as a result of the member exercising the option under regulation 2.D.14 (general option to exchange part of pension for lump sum).
(5) In this regulation “the appropriate fraction” means—
where—
DPS is, where the member continues in pensionable service as an active member on the option day (or the last such option day if the option has been exercised more than once), the total number of days which do not form part of the specified percentage of pensionable service at the option day, and
TDPS is the aggregate of DPS and the total number of days of pensionable service (at the option day or the last such option day if the option has been exercised more than once) which forms part of the specified percentage of pensionable service.
(1) The lump sum payable on the death of a pension credit member who dies before any benefits derived from the member’s pension credit have become payable is an amount equal to the amount of the annual pension to which the member would have become entitled under regulation 2.D.2 (pension credit members) if the member had reached the age of 65 on the date of death, multiplied by 2.25.
(2) The lump sum payable on the death of a pension credit member who dies after a pension under that regulation has become payable is equal to the lower of—
(a) the annual amount of the pension that would have been payable to the member during so much of the period of five years beginning with the date on which the pension became payable as falls after the date of death, and
(b)
,
where—
RP is the amount as at the valuation day of the reckonable pay of the debit member from whose rights the pension credit member’s pension credit is derived, and
CLS is the amount of the lump sum (if any) paid to the pension credit member as a result of the member exercising the option under regulation 2.D.14 (general option to exchange part of pension for lump sum) on becoming entitled to the pension under regulation 2.D.2.
(3) For the purposes of paragraph (2) the annual amount of the pension is taken to be the sum of—
(a) the annual amount of the pension as at the beginning date for that pension, and
(b) the increase (if any) in that annual amount under the Pensions (Increase) Act 1971 payable as at the date of death.
(4) In this regulation—
“valuation day” means the day referred to in section 29(7) of the 1999 Act, and
“the beginning date”, in relation to a pension, has the meaning given by section 8(2A) of the Pensions (Increase) Act 1971(50).
(1) A lump sum payable under regulation 2.E.16 must be paid in accordance with this regulation.
(2) The lump sum must be paid to the member’s personal representatives, except so far as it is payable to a different person under paragraph (4) or (6).
(3) A member may give notice to the Secretary of State—
(a) specifying—
(i) the member’s personal representatives,
(ii) one or more other individuals, or
(iii) one incorporated or unincorporated body,
to whom the lump sum is to be paid, and
(b) where two or more individuals are specified, specifying the percentage of the payment payable to each of them.
(4) If the member—
(a) has given notice under paragraph (3) specifying a person, and
(b) has not revoked that notice,
the lump sum (or, as the case may be, the percentage of it specified in respect of the person) may be paid to the person, unless paragraph (5) or (7) applies.
(5) This paragraph applies if—
(a) the person specified in the notice has died before the payment can be made, or
(b) payment to that person is not, in the opinion of the Secretary of State, reasonably practicable.
(6) If the member—
(a) leaves a surviving adult dependant, and
(b) has not given notice under paragraph (3) or has revoked any notice so given,
the lump sum may be paid to that person unless paragraph (7) applies.
(7) This paragraph applies if the person to whom the lump sum (or a specified percentage of the lump sum) would otherwise be payable has been convicted of an offence specified in regulation 2.J.7(2) (forfeiture of rights to benefit) and the Secretary of State has directed, as a consequence of that conviction, that the person’s right to a payment in respect of the member’s death is forfeited.
(8) A notice under paragraph (3)—
(a) must be given in writing, and
(b) may be revoked at any time by a further notice in writing.
(9) The Secretary of State may pay the lump sum to any person claiming to be the member’s personal representative or otherwise to fall within paragraph (3)(a), without requiring proof that the person is such a person concerned, if the lump sum does not exceed—
(a) £5,000, or
(b) any higher amount specified in an order made under section 6(1) of the Administration of Estates (Small Payments) Act 1965(51) as the amount to be treated as substituted for references to £500 in section 1 of that Act.
(1) A pensioner’s lump sum (less any amount deducted under paragraph (4) where that applies) is treated for the purposes of the 2004 Act as a pension protection lump sum death benefit if the member has given the Scheme administrator a statement in writing that any such lump sum is to be treated as such a benefit.
(2) In this regulation “pensioner’s lump sum” means—
(a) a lump sum payable under regulation 2.E.16 to which regulation 2.E.17(2) applies, or
(b) so much of a lump sum payable under regulation 2.E.16 as is calculated under regulation 2.E.18(2).
(3) Paragraph (4) applies if the person who is the scheme administrator for the purposes of section 206 of the 2004 Act (“the administrator”) is liable for tax under that section in respect of a pension protection lump sum death benefit.
(4) The administrator may deduct from the lump sum the tax payable in respect of it.
(1) This regulation applies if a person dies during a period when the person—
(a) is absent from work because of illness or injury,
(b) is on ordinary maternity leave,
(c) is on ordinary adoption leave,
(d) is on paternity leave or parental leave,
and the earnings used to calculate the person’s pensionable pay have ceased to be paid before the person’s death.
(2) Any benefits payable under this Chapter must be calculated as if the person had died in pensionable service on the day before those earnings ceased.
(1) This regulation applies if—
(a) a member dies without leaving a surviving adult dependant, and
(b) at the date of death the member was married to one or more persons under a law which permits polygamy.
(2) If, had the member left a surviving adult dependant, any benefit would have been payable to the surviving adult dependant as such, that benefit is payable—
(a) if there is one such person, to that person, or
(b) if there are two or more such persons, to those persons in equal shares.
(3) Such a person’s share of a pension will not be increased on the death of any of such persons.
(1) This paragraph applies if the deceased member was—
(a) a member of the Scheme of two or more of the kinds specified in paragraph (2),
(b) a pensioner member in respect of two or more pensions, or
(c) a deferred member in respect of two or more pensions.
(2) The kinds of member are–
(a) an active member,
(b) a deferred member,
(c) a pensioner member, and
(d) a pension credit member.
(3) If paragraph (1) applies, the general rule is that–
(a) benefits are payable in respect of the member under this Chapter as if two or more members of the kinds in question had died (so that two or more pensions or lump sums are payable in respect of the one deceased member), and
(b) the amounts payable are determined accordingly.
(4) Paragraph (3) does not apply where specific provision to the contrary is made about a person to whom that paragraph would otherwise apply.
(5) See, in particular—
(a) regulation 2.E.3 (amount of pensions under regulation 2.E.1: active members),
(b) regulation 2.E.4 (amount of pensions under regulation 2.E.1: pensioner members),
(c) regulation 2.E.7 (re-employed pensioners: adult survivor pensions in initial period),
(d) regulation 2.E.8 (surviving children’s pensions),
(e) regulation 2.E.15 (amount of children’s pension under regulation 2.E.8: re-employed pensioners),
(f) regulation 2.E.16 (lump sum benefits on death: introduction),
(g) regulation 2.E.18 (amount of lump sum: dual capacity members (disregarding regulation 2.D.5 employments)),
(h) regulation 2.E.19 (amount of lump sum: dual capacity members: members with pensions under regulation 2.D.5), and
(i) Chapter 2.G (re-employment and rejoining the Scheme).
(6) If a person who is a pension credit member is entitled to two or more pension credits—
(a) benefits are payable in respect of the person under this Chapter as if the person were two or more persons, each being entitled to one of the pension credits (so that two or more pensions or lump sums are payable in respect of the one pension credit member), and
(b) the amounts of those benefits are determined accordingly.
(1) If a person who is the surviving spouse or civil partner of a deceased active, deferred or pensioner member has a guaranteed minimum under section 17 of the 1993 Act in relation to benefits in respect of the deceased member under the Scheme—
(a) nothing in this Part permits or requires anything that would cause requirements made by or under that Act in relation to such a person and such a person’s rights under a scheme not to be met in the case of the person,
(b) nothing in this Part prevents anything from being done which is necessary or expedient for the purposes of meeting such requirements in the case of the person, and
(c) paragraph (2) is without prejudice to the generality of this paragraph.
(2) If apart from this regulation—
(a) no pension would be payable to the surviving spouse or civil partner under this Chapter, or
(b) the weekly rate of the pensions payable would be less than the guaranteed minimum,
a pension the weekly rate of which is equal to the guaranteed minimum is payable to the surviving spouse or civil partner for life or, as the case may be, pensions the aggregate weekly rate of which is equal to the guaranteed minimum are so payable.
(3) Paragraph (2) does not apply to a pension that is forfeited—
(a) as a result of a conviction for treason, or
(b) in a case where an offence within regulation 2.J.7(2)(b) (Official Secrets Acts offences) is committed.
(1) This Chapter supplements the rights conferred by or under Chapter 4 of Part 4 of the 1993 Act (transfer values).
(2) This Chapter is without prejudice to that Chapter or Chapter 5 of that Part(52) (early leavers: cash transfer sums and contribution refunds).
(3) Accordingly—
(a) a member to whom Chapter 4 of that Part applies (see section 93(1)(a) of that Act) is entitled to require the payment of a transfer value in respect of the rights to benefit that have accrued to or in respect of the member under the Scheme, and
(b) a member to whom Chapter 5 of that Part applies (see section 101AA(1) of that Act) is entitled to a cash transfer sum or a contribution refund in accordance with that Chapter.
(4) Subject to paragraphs (5) and the other provisions of this Chapter, any other member is entitled to require such a payment as if such rights had accrued to or in respect of him by reference to the pensionable service the member is entitled to count under the Scheme (and references in this Chapter to the member’s accrued rights or benefits are to be read accordingly).
(5) Paragraph (4) does not—
(a) give any rights to an active member,
(b) give any rights to a pensioner member in respect of the pension to which the member has become entitled, or
(c) give any rights to a pension credit member in respect of rights that are directly attributable to a pension credit.
(1) A member who requires a transfer value payment to be made must apply in writing to the Secretary of State for a statement of the amount of the cash equivalent of the member’s accrued benefits under the Scheme at the guarantee date (a “statement of entitlement”).
(2) In this Part, “the guarantee date” means any date that—
(a) falls within the required period,
(b) is chosen by the Secretary of State,
(c) is specified in the statement of entitlement, and
(d) is within the period of 10 days ending with the date on which the member is provided with the statement of entitlement.
In counting the period of 10 days referred to in sub-paragraph (d), Saturdays, Sundays, Christmas Day, New Year’s Day and Good Friday are excluded.
(3) In paragraph (2) “the required period” means—
(a) the period of 3 months beginning with the date of the member’s application for a statement of entitlement, or
(b) such longer period beginning with that date (but not exceeding six months) as may reasonably be required if, for reasons beyond the control of the Secretary of State, the requisite information cannot be obtained to calculate the amount of the cash equivalent.
(4) The member may withdraw the application for a statement of entitlement by notice in writing at any time before the statement is provided.
(1) A member who has applied for and received a statement of entitlement under regulation 2.F.2 may apply in writing to the Secretary of State for a transfer value payment to be made.
(2) On making such an application a member becomes entitled to a payment of an amount equal, or amounts equal in aggregate, to the amount specified in the statement of entitlement (or such other amount as may be payable by virtue of regulation 2.F.4(2)).
(3) In this Part such a payment is referred to as “the guaranteed cash equivalent transfer value payment”.
(4) The application must specify the pension scheme or other arrangement to which the payment or payments should be applied.
(5) The application must meet such other conditions as the Secretary of State may require.
(6) An application under this regulation may be withdrawn by notice in writing to the Secretary of State, unless an agreement for the application of the whole or part of the guaranteed cash equivalent transfer value payment has been entered into with a third party before the notice is given.
(1) An application under regulation 2.F.3(1) must be made before the end of the period of 3 months beginning with the guarantee date, and the payment must be made no later than—
(a) 6 months after that date, or
(b) if it is earlier, the date on which the member reaches 65.
This is subject to paragraph (4).
(2) If the payment is made later than 6 months after the guarantee date, the amount of the payment to which the member is entitled must be increased by—
(a) the amount by which the amount specified in the statement of entitlement falls short of the amount it would have been if the guarantee date had been the date on which the payment is made, or
(b) if it is greater and there was no reasonable excuse for the delay in payment, interest on the amount specified in the statement of entitlement, calculated on a daily basis over the period from the guarantee date to the date when the payment is made at an annual rate of 1% above the base rate.
(3) Paragraph (4) applies if—
(a) disciplinary or court proceedings against the member are begun within 12 months after the member leaves the employment which qualified the member to belong to the Scheme, and
(b) it appears to the Secretary of State that the proceedings may lead to all or part of the member’s benefits being forfeited under regulation 2.J.7 (forfeiture of rights to benefit).
(4) The Secretary of State may defer doing what is needed to carry out what the member requires until the end of the period of 3 months beginning with the date on which those proceedings (including any proceedings on appeal) are concluded.
(5) In any case where a direction is given under regulation 2.J.7 for the forfeiture of a member’s benefits, this regulation applies as if the amount specified in the statement of entitlement were reduced by an amount equal to the value of the benefits forfeited, as determined by the Scheme actuary.
(6) In respect of an applicant who does not fall within regulation 2.D.1(2)—
(a) in the case of an application that requires the guaranteed cash equivalent transfer value payment to be made to a registered occupational pension scheme or a registered personal pension scheme, an application under paragraph (1) may only be made if—
(i) the applicant became a member of that scheme not later than the end of the period of 12 months beginning with the day after the date on which the member ceased to be in the pensionable service in which the rights accrued (“the leaving date”), and
(ii) the application is made not later than—
(aa) the end of the period of 12 months beginning with the day on which the applicant became a member of that scheme, or
(bb) if the applicant became a member of that scheme on or before the leaving date, the end of the period of 12 months beginning with the day after the leaving date.
(b) in any other case, an application under paragraph (1) may only be made before the end of the period of 12 months beginning with the day after the leaving date.
(1) A member may only require the Secretary of State to apply the guaranteed cash equivalent transfer value payment in one or more of the ways permitted under section 95 of the 1993 Act.
(2) Paragraph (1) applies whether or not the member is entitled to a guaranteed cash equivalent transfer value payment under Chapter 4 of Part 4 of that Act.
(3) The whole of the guaranteed cash equivalent transfer value payment must be applied, unless paragraph (4) applies.
(4) The benefits attributable to—
(a) the member’s accrued rights to a guaranteed minimum pension, or
(b) the member’s accrued rights attributable to service in contracted-out employment on or after 6 April 1997,
may be excluded from the guaranteed cash equivalent transfer value payment if section 96(2) of the 1993 Act applies (trustees or managers of certain receiving schemes or arrangements able and willing to accept a transfer payment only in respect of the member’s other rights).
(5) A transfer payment may only be made to—
(a) a pension scheme that is registered under Chapter 2 of Part 4 of the 2004 Act, or
(b) an arrangement that is a qualifying recognised overseas pension scheme for the purposes that Part (see section 169(2) of that Act).
(1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated in accordance with guidance and tables provided by the Scheme actuary to the Secretary of State for use at the guarantee date.
This is subject to paragraphs (3) and (5).
(2) In preparing those tables the Scheme actuary must use such factors as the Scheme actuary considers appropriate, having regard to section 97 of the 1993 Act and regulations made under that Act (whether or not the payment is in respect of a person entitled to a guaranteed cash equivalent transfer value payment under that Act).
(3) If the amount calculated in accordance with paragraph (1) is less than the member’s minimum transfer value (if any), the amount of the guaranteed cash equivalent transfer value payment is to be equal to that value instead.
This is subject to paragraph (5).
(4) In paragraph (3) “minimum transfer value”, in relation to any person, means the sum of—
(a) any transfer value payments that have been made to the Scheme in respect of the person as a result of which the person is entitled to count any pensionable service under the Scheme by reference to which the accrued rights subject to the transfer are calculated, and
(b) any contributions paid by the person under Chapter 2.C as a result of which the person is entitled to count such service.
(5) If the transfer value payment is made under the public sector transfer arrangements, the amount of the transfer value payment is calculated—
(a) in accordance with those arrangements rather than paragraphs (1) and (3), and
(b) by reference to the guidance and tables provided by the Scheme actuary for the purposes of this paragraph that are in use on the date used for the calculation.
(1) If a transfer value payment is made under this Chapter in respect of a person’s rights under the Scheme, those rights are extinguished.
(1) Subject to the provisions of this Chapter, an active member may apply for a transfer value payment in respect of some or all of the rights that have accrued to or in respect of him under any kind of scheme or arrangement to which paragraph (2) applies, other than a FSAVC, to be accepted by the Scheme.
(2) This paragraph applies to—
(a) a registered occupational pension scheme,
(b) a registered personal pension scheme,
(c) a registered buy-out policy, and
(d) a corresponding health service scheme.
(3) Paragraph (1) does not apply to rights that are directly attributable to a pension credit.
(4) In this regulation “FSAVC” means—
(a) a scheme which—
(i) immediately before 6th April 2006 was approved by the Commissioners for Her Majesty’s Revenue and Customs by virtue of section 591(2)(h) of the Income and Corporation Taxes Act 1988(53) (free-standing AVC schemes), and
(ii) became a registered scheme for the purposes of that Act by virtue of Schedule 36 to that Act, or
(b) a scheme established on or after that date as a registered free-standing AVC scheme.
The National Health Service Pension Scheme Regulations 2008