PART 7Transfers
CHAPTER 2Transfers values
SECTION 3Transfers in
Acceptance of transfer value payment142
1
The scheme manager may accept an application under regulation 140 from a member (M) unless—
a
such conditions as the scheme manager requires are not met, or
b
paragraph (5) applies.
2
If the transfer is a non-club transfer and the scheme manager accepts the payment, M is entitled—
a
for the purposes of calculating benefits payable to, or in respect of, M under this scheme, to an increase in M's pensionable earnings calculated in accordance with regulation 143; and
b
to be credited with the relevant period of pensionable service in this scheme.
3
If the payment is a club transfer M is entitled—
a
to the amount of club transfer earned pension specified in the statement of entitlement, and
b
to be credited with the relevant period of pensionable service in this scheme.
4
The relevant period is equal to the period of employment that qualified M for the rights in respect of which the transfer is being made.
5
This paragraph applies to a non-club transfer if—
a
it would be applied in whole or in part in respect of M's or M's spouse's entitlement to a guaranteed minimum pension; and
b
it is less than the amount required for that purpose, as calculated in accordance with guidance and tables prepared by the scheme actuary for the purposes of this paragraph.