The Teachers' Pensions Regulations 2010

13.—(1) This paragraph applies where— E+W+S

[F1 (a) the person is subject to a personal pension scheme after ceasing to be in pensionable employment and that pensionable employment was after 31st December 1985.]

(b) the person (P) has made an election under regulation 10 (election for employment to be pensionable) and falls within regulation 10(2)(a),

(c) the previous election under regulation B6 of TSR 1988 (election not to be pensionable) was made before 30th June 1994,

(d) P has been in excluded employment between the date of the election under regulation B6 of TSR 1988 and the date of the election under regulation 10 of these Regulations,

(e) a cash equivalent or a transfer value under regulation F1 of TSR 1988 (or both) was paid in respect of P in consequence of P ceasing to be in pensionable employment by virtue of the election under regulation B6 of the TSR 1988,

(f) P is an individual as is mentioned in section 172(1) of PA 1995, and

(g) the Secretary of State accepts a transfer value under regulation 35 of the amount specified in sub-paragraph (3).

(2) In this paragraph —

(a) “the period of original pensionable employment” means the period during which P was in pensionable employment before P made the election under regulation B6 of TSR 1988; and

(b) “the transfer out payment” means the payment referred to in sub-paragraph (1)(e).

(3) The amount referred to in sub-paragraph (1)(g) is A+B where— A is the transfer value which, calculated on the basis specified in paragraph 12(2), would enable the person to count the period of excluded employment as reckonable service as if it had been pensionable employment; and B is the greater of—

(a) the transfer out payment together with—

(i) in a case where the transfer value was paid to the Secretary of State pursuant to regulation 35 within four weeks of the request under regulation 35(2) an amount, determined actuarially, which represents the income which would have been received had such sum been invested during the period starting at the end of the month in which the transfer out payment was made and ending at the end of the month in which the request under regulation 35(2) was made; and

(ii) in any other case the amount referred to in paragraph (i) above together with a further amount, determined actuarially, which represents the income which would have been received compounded with monthly rests, had such sum been invested during the period starting at the end of the month in which the request under regulation 35(2) was made and ending at the end of the month in which the transfer value was paid to the Secretary of State; and

(b) the amount which would be paid as a cash equivalent or transfer value (or both) by the Secretary of State in respect of the person if at the date on which P made the election under regulation 10—

(i) P was in pensionable employment and made an election under regulation 9 (election not to be pensionable); and

(ii) P had been in pensionable employment for a period equal to the period of original pensionable employment.

(4) Where this paragraph applies P is entitled to count as reckonable service—

(a) the reckonable service arising from the period of original pensionable employment; and

(b) such service arising from the period of excluded employment as if it had been pensionable employment.

Textual Amendments

F1 Sch. 6 para. 13(1)(a) substituted (1.4.2015) by The Teachers' Pensions (Miscellaneous Amendments) (No. 2) Regulations 2014 (S.I. 2014/2651), regs. 1, 25(b)