“(1)

Where a person becomes a pensionable employee and has accrued rights to benefit under a superannuation scheme, a personal pension scheme, a retirement annuity contract or a self-employed pension arrangement (including rights to preserved benefits and rights appropriately secured under section 15 of the Act of 1993 but excluding rights to benefits arising out of an additional voluntary contributions provision or an additional voluntary contributions scheme unless the payments securing such rights under that provision or scheme began before 8th April 1987), he may within 12 months of becoming a pensionable employee (subject to paragraph (4)) give written notice to the Committee that he wishes the Committee to accept a transfer value in respect of some or all of those accrued rights from—

(a)

the trustees or managers of the superannuation scheme, retirement annuity contract or self-employed pension arrangement under which his accrued rights arise, or

(b)

the trustees or managers of the superannuation scheme, personal pension scheme, retirement annuity contract or self-employed pension arrangement, or the insurance company, to which a payment in respect of his accrued rights 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 Committee and shall, together with the amount of any limited revaluation premium under section 51(4) of the Act of 19934 repaid to the Committee by the Department of Health and Social Services, be credited to the superannuation fund.”

“(6)

Subject to paragraph (7), the Committee shall not be required to accept a transfer value in accordance with paragraph (2) if that transfer value does not exceed

$\mathrm{P}\times \mathrm{F}\text{,}$

where—

• P is the annual amount of the guaranteed minimum pension to which the person would have become entitled under these regulations at the date when the Committee is requested to accept the transfer value as a result of the transfer being accepted, and

• F is the factor appropriate to that person set out in column 2 of the following table opposite that person’s age in column 1 at the same date:

TABLE

(1)	(2)
Age	Appropriate factor
29 or under	8
30 to 39	9
40 to 49	10
50 or over	12

(7)

Paragraph (6) does not apply to a transfer value offered by the scheme managers of a club scheme.”.