199. This Chapter applies to the payment and receipt of transfer values.
200.—(1) This Section applies to a person (P) who—
(a)has left all pensionable service under this scheme;
(b)has become subject to—
(i)another registered pension scheme which is not a connected scheme; or
(ii)a qualifying recognised overseas pension scheme for the purposes of Part 4 of the Finance Act 2004 (see section 169(2) of that Act); (in either case, referred to in this Section as “the receiving scheme”); and
(c)has not reached normal pension age.
(2) This Section does not apply if—
(a)P is not qualified for retirement benefits under this scheme and a repayment of the balance of contributions has been made to P; or
(b)P is qualified for retirement benefits under this scheme and a retirement pension (other than a phased retirement pension) or a short-service serious ill-health grant has become payable to P in respect of that pensionable service.
201.—(1) A person (P) may apply for a statement of entitlement by written notice to the Department.
(2) The application must be made within 12 months after the day on which P becomes subject to the receiving scheme.
202.—(1) A person who is provided with a statement of entitlement may apply for a transfer value to be paid to the receiving scheme.
(2) The application must—
(a)be made within 12 months after the day on which P becomes subject to the receiving scheme
(b)be by notice to the Department;
(c)specify the pension scheme or other pension arrangement to which the transfer value is to be paid; and;
(d)meet any other conditions the Department requires.
203.—(1) On receipt of the application under regulation 202, the Department may make a transfer value payment in respect of P.
(2) A member of this scheme may only require the Department to use a transfer value in a way specified in section 91(2) of the Pension Schemes Act.
(3) The whole of the transfer value must be applied.
(4) A transfer value payment in respect of a member's accrued rights under this scheme may only be made to the receiving scheme.
(5) A transfer value payment in respect of any pension credit rights or pension credit benefits must not be made under this regulation.
(6) If a transfer value payment is made in respect of a person's rights under this scheme, those rights are extinguished.
204.—(1) A person (P) may apply for payment of a transfer value to be accepted from—
(a)another registered pension scheme; or
(b)a qualifying recognised overseas pension scheme for the purposes of Part 4 of the Finance Act 2004 (see section 169(2) of the Act) (in either case, referred to in this Section as “the sending scheme”).
(2) The application must—
(a)be made within 12 months after the day on which P enters pensionable service under this scheme;
(b)be by written notice to the Department;
(c)specify the pension scheme from which the transfer value will be received; and
(d)meet any other conditions the Department requires.
205.—(1) The Department may not accept payment of a transfer value from the sending scheme if—
(a)P has reached 75;
(b)retirement benefits have become payable to P under this scheme or under the sending scheme; or
(c)the sending scheme was a money purchase arrangement to which P's previous employer made no contribution.
(2) A transfer value payment in respect of any pension credit rights or pension credit benefits must not be accepted under this regulation.
206. The amount of transferred pension a person is entitled to count under this Part is an amount determined by the Department.