- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/11/2022)
- Gwreiddiol (a wnaed Fel)
Point in time view as at 01/11/2022.
There are currently no known outstanding effects for the The Health and Social Care Pension Scheme Regulations (Northern Ireland) 2015, Section 138.
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138.—(1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated and verified by the scheme manager in accordance with the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 M1.
(2) In determining the factors to be used in the calculation of the member's (M's) guaranteed cash equivalent, the scheme manager must take account of—
(a)M's prospective normal pension age;
(b)advice from the scheme actuary.
(3) If the amount calculated in accordance with paragraph (1) or (5) is less than M's minimum transfer value (if any), the amount of the guaranteed cash equivalent transfer value payment is to be equal to that value.
(4) In paragraph (3) “minimum transfer value” means the sum of—
(a)any transfer value payments that have been made to this scheme in respect of M as a result of which M is entitled to count any pensionable service under this scheme by reference to which the accrued rights subject to the transfer are calculated; and
(b)any contributions paid by M under Part 4 as a result of which M is entitled to count such service.
(5) If the transfer is a club transfer, the amount of the transfer value payment is calculated in accordance with the club transfer arrangements rather than paragraph (1).
(6) If a club transfer value is paid later than 6 months after the guarantee date, the amount of the club transfer value as specified in the statement of entitlement must be increased if necessary so that it is equal to the amount it would have been if the guarantee date had been the date on which the payment is made.
Marginal Citations
M1S.R. 1996 No.619 as amended by S.R. 1997 No.160; S.R. 2003 No.337; S.R. 2005 Nos.20, 114, 171 and 568; S.I. 2006/744; S.R. 2007 No.64; S.R. 2009 No.115; S.R. 2012 Nos.113 and 124; S.R. 2013 No.72 and S.R. 2014 No.79
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