The National Health Service Pension Scheme Regulations 2008

2.F.6    Calculating amounts of transfer value payments E+W

[F1 (1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated and verified by the Secretary of State in accordance with the Occupational Pension Schemes (Transfer Values) Regulations 1996.

This is subject to paragraphs (2), (3) and (5).

(2) Before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent, the Secretary of State shall take advice from the Scheme actuary.]

(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).

[F2 (4) In paragraph (3) “minimum transfer value” means—

(a) in the case of a person other than a 2008 Section Optant, the sum of—

(i) any transfer value payments that have been made to this Section of the Scheme in respect of the person as a result of which the person is entitled to count any pensionable service under this Section of the Scheme by reference to which the accrued rights subject to the transfer are calculated, and

(ii) any contributions paid by the person under Chapter 2.C as a result of which the person is entitled to count such service;

(b) in the case of a 2008 Section Optant, the sum of—

(i) any transfer value payments that have been made to this Section of the Scheme in respect of the person as a result of which the person is entitled to count any pensionable service under this Section of the Scheme by reference to which the accrued rights subject to the transfer are calculated,

(ii) any contributions paid by the person under Chapter 2.C as a result of which the person is entitled to count such service, and

(iii) the aggregate of any—

(aa) transfer value payments that have been made to the 1995 Section in respect of the Optant;

(bb) any contributions paid by the Optant under regulation D1 of the 1995 Regulations (contributions by members) in respect of pensionable employment in that Section on or before 31 March 2008, and

(cc) any payments made by the Optant under regulation Q1 of the 1995 Regulations (right to buy additional service) for the purchase of additional service,

which entitle the Optant to count, under Chapter 2.K, any pensionable service by reference to which the accrued rights subject to the transfer are calculated.]

(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.

[F3 (6) In the case of a 2008 Section Optant, this regulation is subject to regulation 2.K.12.]

Textual Amendments

F1 Reg. 2.F.6(1)(2) substituted (1.10.2008) by The National Health Service Pension Scheme and Injury Benefits (Amendment) Regulations 2008 (S.I. 2008/2263), regs. 1(2)(3), 40 (with reg. 93)

F2 Reg. 2.F.6(4) substituted (1.10.2009) by The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2009 (S.I. 2009/2446), regs. 1(2), 46(2)

F3 Reg. 2.F.6(6) inserted (1.10.2009) by The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2009 (S.I. 2009/2446), regs. 1(2), 46(3)