Inward transfers
27. In regulation J8 of the principal Regulations—
(a)for paragraphs (1) and (2) there shall be substituted the following:—
“(1) Where a person, to whom Part Q does not apply, becomes a pensionable employee and has accrued rights to benefit under a superannuation scheme, a personal pension scheme or a self-employed pension arrangement (whether or not his rights are preserved in such scheme or arrangement or have been transferred to and are held under one or more such schemes or arrangements or are appropriately secured for the purposes of section 52C of the Pensions Act(1) by one or more appropriate policies) the person may within 12 months of entering local government employment (subject to paragraph (4)) or of making an election under regulation B4 or B4B, as the case may be, give written notice to his fund authority that he wishes the fund authority to accept a transfer value in respect of those accrued rights from—
(a)the trustees or managers of the superannuation scheme, personal pension scheme or self-employed pension arrangement, in which his accrued rights are preserved (in this regulation referred to as “the previous scheme”), or
(b)the trustees or managers of the superannuation scheme, personal pension scheme or self-employed pension arrangement, or the insurance company, to which a payment in respect of his accrued rights or any part thereof has been made.
(2) Where notice is given in accordance with paragraph (1), the transfer value shall, subject to paragraphs (5) and (6) and provided that the conditions specified in paragraph (3) are satisfied, be accepted by the fund authority and credited to their superannuation fund.”;
(b)sub-paragraphs (a) and (b) of paragraph (3) shall be deleted;
(c)in paragraph (4), for the words “paragraph (3)(b)”, there shall be substituted “paragraph (1)”;
(d)in paragraph (5), for the words “Part V”, there shall be substituted “Part II”;
(e)for paragraphs (6), (7) and (8) there shall be substituted the following:—
“(6) The fund authority shall not be required to accept a payment in accordance with paragraph (1) if it does not exceed the annual amount of the guaranteed minimum pension to which the person would have become entitled under these Regulations as a result of it being accepted, multiplied by the factor appropriate to that person, as set out in column (2) of the following Table opposite his age, as at the date when the person’s fund authority is requested to accept the payment, as set out in column (1)—
TABLE
| (1) | (2) |
|---|---|
| Age | Appropriate factor |
| 29 or under | 8 |
| 30 to 39 | 9 |
| 40 to 49 | 10 |
| 50 or over | 12”. |
The Social Security Pensions Act 1975 (c. 60); section 52C was inserted by the Social Security Act 1985 (c. 53), Schedule 1, paragraph 2, and was amended by the Social Security Act 1986 (c. 50), Schedule 10, paragraph 26.