F1PART 9TRANSFERS
Bulk transfers (transfer of undertakings), etc.I177
1
This regulation applies where—
a
two or more members’ active membership ends on their joining a registered non-local government scheme (“the new scheme”);
b
it is agreed by—
i
the Committee;
ii
the members employing authorities (if different); and
iii
the trustees or managers of the new scheme,
that a payment should be made under this regulation; and
c
the members—
i
agree in writing that that payment should be made instead of any payment which they otherwise might require to be made under Chapter 4 or 5; and
ii
waive any rights they might have under those Chapters by virtue of the cessation of their active membership.
2
The Committee must not give its agreement under paragraph (1)(b) unless it is satisfied that the rights that each of the members will acquire under the new scheme are at least equivalent to those which he would have obtained if the transfer value had been paid to the same scheme under Chapter 4 or 5, as it applies by virtue of regulation 74 (application of Chapter 4, etc.) (assuming in any case where the member would not be entitled to such a payment that he was).
3
4
The Committee must—
a
set aside (whether in cash or in assets or both) such part of the fund or admission agreement fund (“the transfer payment”) as an actuary appointed by it and an actuary appointed by the trustees or managers of the new scheme for the purpose may agree as appropriate for the acquisition of such rights in that scheme as they may so agree; and
b
pay or transfer it to the trustees or managers of the new scheme for the benefit of the relevant members.
5
The Committee must certify to the new scheme’s trustees or managers the amount included in the transfer payment which represents each member’s contributions and interest on them.
6
Where a transfer payment is to be or has been made under this regulation, no other payment or transfer of assets shall be made from the fund or admission agreement fund by reason of membership covered by the transfer payment.
7
Paragraph (6) overrides anything to the contrary in—
a
the former Regulations;
b
the Local Government Pension Scheme (Amendment No. 2 and Transitional Provisions) Regulations (Northern Ireland) 2002; or
c
these Regulations, or the Benefits Regulations.
Regulations revoked (except reg. 4 for specified purposes, reg. 6 for specified purposes and reg. 11) (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 2(1), Sch. 2 (with regs. 3, 13, 14(1)(d), Sch. 5)