108.—(1) A member may apply for a transfer under [F1Chapters 1 or 2 of Part 4ZA ]M1 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).
[F2(1A) Where a transfer under paragraph (1) is a Club Transfer, the Committee must comply with the provisions in the Club Memorandum in relation to that transfer.]
[F3(1B) Where a transfer under paragraph (1) is applied for by an eligible member and is not a Club Transfer, the value of the transfer is to be calculated in accordance with actuarial guidance issued by the Department, taking into account the member’s provisional assumed benefits and provisional underpin amount, which are calculated in accordance with regulations 4I (statutory underpin: calculation of provisional assumed benefits) and 4J (statutory underpin: calculation of provisional underpin amount) of the Transitional Regulations.]
(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.
[F4(4) For the purposes of this regulation, where a member applies for a transfer under paragraph (1), that member’s normal pension age is to be construed as having the same meaning as that expression has in Schedule 1 (interpretation).]
Textual Amendments
F1Words in reg. 108(1) substituted (18.11.2019) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 78(a)
F2Reg. 108(1A) inserted (18.11.2019) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 78(b)
F3Reg. 108(1B) inserted (1.10.2023) by The Local Government Pension Scheme (Amendment No. 2) Regulations (Northern Ireland) 2023 (S.R. 2023/149), regs. 1(1), 3(14)(a)
F4Reg. 108(4) inserted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/128), regs. 1(1), 25
Marginal Citations
M1 Part 4ZA was inserted into the Pension Schemes Act (Northern Ireland) 1993 (c. 49) by section 67 of and Schedule 4, Part 2, paragraphs 49 and 50, to the Pension Schemes Act 2015 (c. 8).