Part FTransfer Values

Amounts of transfer values and additional transfer valuesF2.

(1)

Part I of Schedule 11 has effect, subject to paragraphs (2) and (3), for determining the amounts of transfer values payable under regulation F1.

(2)

Unless the receiving scheme is a club scheme, where—

(a)

the person in respect of whom a transfer value is payable had become entitled to count reckonable service under regulation F4(8) (receipt of transfer value); and

(b)

the amount determined in accordance with Part I of Schedule 11, together with that of any cash equivalent paid on the transfer, is less than the appropriate amount,

a transfer value of the appropriate amount shall be paid.

(3)

For the purposes of paragraph (2) the appropriate amount is

A+B-C,math

where—

  • A is the transfer value received under regulation F4;

  • B is the total of the contributions paid by the person under Part C, except any that fell to be treated for the purposes of regulation G2 as employers' contributions; and

  • C is any cash equivalent paid on the transfer.