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The Teachers' Pension Scheme Regulations 2014

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Changes over time for: PART 6

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Point in time view as at 20/12/2023.

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There are currently no known outstanding effects for the The Teachers' Pension Scheme Regulations 2014, PART 6. Help about Changes to Legislation

PART 6E+WBulk transfer payments for accepted members

Application of PartE+W

28.  This Part applies in relation to all persons who—

(a)were active members of the existing scheme in relation to an employment before that employment was transferred;

(b)as a result of that transfer became subject to existing Fair Deal arrangements and ceased to be active members of the existing scheme in relation to that employment;

(c)while subject to that transfer, were active members of an occupational pension scheme; and

(d)as a result of a Fair Deal transfer become accepted members of this scheme.

Accepting a bulk transfer paymentE+W

29.—(1) This paragraph applies if another occupational pension scheme (“the sending scheme”) offers to make a bulk transfer payment in respect of all persons to whom this Part applies.

(2) The scheme manager for the existing scheme must accept a bulk transfer payment if it is offered.

(3) A transfer payment in respect of a person (P) may not be accepted as part of a bulk transfer payment if—

(a)it relates to service on or after the Fair Deal transfer date; or

(b)retirement benefits have become payable to P under the sending scheme.

(4) In this Part, “bulk transfer payment” means a single transfer payment in respect of all persons to whom this Part applies.

[F1(5) The bulk transfer payment must be accepted into—

(a)the existing scheme so far as the payment relates to—

(i)benefits accrued in respect of pensionable service before 1st April 2022; or

(ii)final salary benefits whenever accrued;

(b)this scheme so far as the payment relates to benefits, other than final salary benefits, accrued in respect of pensionable service on or after 1st April 2022.]

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