135.—(1) A member (M) who has applied for and received a statement of entitlement may apply in writing to the scheme manager for a transfer value payment to be made.
(2) The application must be made before the end of the period of 3 months starting with the guarantee date.
(3) On making the application M becomes entitled to payment of an amount equal, or amounts equal in aggregate, to—
(a)the amount specified in the statement of entitlement, or
(b)that amount subject to any increase specified in regulation 136(2).
(4) In this Part a payment under paragraph (3) is referred to as “the guaranteed cash equivalent transfer value payment”.
(5) The application—
(a)must specify the pension scheme or other arrangement to which the payment should be applied; and
(b)must meet such other conditions as are required by the scheme manager.
(6) The application may be withdrawn by notice in writing to the scheme manager unless, before the notice is given, an agreement for the application of the whole or part of the guaranteed cash equivalent transfer value payment has been entered into with a third party.