144.—(1) This regulation applies to an active member of this scheme (M) who is entitled to require a cash equivalent of M's rights to be used to acquire rights in this scheme pursuant to —
(a)regulation 59A of the 1995 Section M1, or
(b)regulation 108B or 235B M2 of the 2008 Section.
(2) M may apply to the scheme manager to convert the cash equivalent value into rights under this scheme.
(3) An application under paragraph (2)—
(a)must be in writing in the form provided by the scheme manager for the purpose;
(b)must be made before the end of the period starting with the guarantee date within the meaning of whichever of regulation 59A of the 1995 section, 108B or 235B of the 2008 section applies;
(c)may be made only if M has first been provided with a statement of the pensionable service and increase in pensionable earnings M will be entitled to count under this scheme if the application is accepted;
(d)must meet such other conditions as the scheme manager requires;
(e)is irrevocable.
(4) The statement mentioned in paragraph (3)(c) must inform M of—
(a)the amount of the increase in pensionable earnings that will count under this scheme for the purpose of calculating benefits payable to or in respect M;
(b)the pensionable service that will count under this scheme to determine whether M has 2 years qualifying service for the purposes of regulation 71.
(5) The amount of the increase in pensionable earnings must be calculated in accordance with guidance, tables and other relevant factors provided by the scheme actuary for the purpose.
(6) The pensionable service is equal to the period of employment that qualifies M to the entitlement mentioned in paragraph (1).
(7) If the scheme manager accepts an application under paragraph (2), for the purposes of this scheme—
(a)the period of pensionable service mentioned in paragraph (4)(b) applies for the purpose mentioned in that paragraph;
(b)the amount of the increase in pensionable earnings is credited to M's active member's account in the scheme year in which M's application under paragraph (2) is received.
(8) For the purposes of this regulation, in regulation 140(4), sub-paragraph (a) must be ignored.
Marginal Citations
M1Regulation 59A was inserted by S.R. 2015 No.121
M2Regulations 108B and 235B were inserted by S.R. 2015 No.121