Rights to payment out of pension fundN.I.
108.—(1) A member may apply for a transfer under Chapter 4 or 5 of Part 4 of the 1993 Act (transfer values and early leavers) and where the member does so the amount of any transfer value payment due in respect of the member under the relevant transfer may only be paid by the Committee from the pension fund if the transfer value payment is a recognised transfer (within the meaning of section 169 (recognised transfers) of the 2004 Finance Act).
(2) Where such a transfer value payment is to be or has been paid from the pension fund, no other payment or transfer of assets may be made from the pension fund as respects the accrued rights covered by the transfer value payment.
(3) Paragraph (2) overrides anything to the contrary in these Regulations, the Transitional Regulations or the former regulations.