141.—(1) A transfer payment may only be made in respect of the accrued rights to benefits of an active or deferred member of this scheme.
(2) A transfer payment may only be made to—
(a)a registered pension scheme that is not a connected scheme; or
(b)a pension arrangement that is a qualifying recognised overseas pension scheme for the purposes of Part 4 of the 2004 Act (see section 169(2) of that Act).
(3) A transfer payment may not be made in respect of rights that are attributable (directly or indirectly) to a pension credit.
(4) A member may only require the scheme manager to use a transfer payment in a way specified in section 91(2) of the Pension Schemes Act.
(5) A member may only require the scheme manager to make a club transfer value payment during the period of 12 months beginning with the day on which the member becomes eligible to be an active member of the scheme to which the payment is to be made.
(6) The whole of the transfer payment must be made in accordance with the provisions of this regulation.
(7) If section 92(2) of the Pension Schemes Act (trustees or managers of certain receiving schemes or arrangements able and willing to accept a transfer payment only in respect of the member's other rights) applies, benefits attributable to the following may be excluded from the transfer payment—
(a)the member's accrued rights to a guaranteed minimum pension; or
(b)the member's accrued rights attributable to service in contracted-out employment, within the meaning of Part 3 of the Pension Schemes Act, on or after 6th April 1997.
142.—(1) This regulation applies to an active or deferred member of this scheme (P) who requires a transfer payment to be made in respect of P's accrued rights to benefits under this scheme.
(2) Before requesting this transfer payment, P must apply for a statement of entitlement by written notice to the scheme manager.
(3) P may withdraw the application by written notice to the scheme manager at any time before the statement is provided.
(4) P may make other applications in the period of 12 months beginning with the date of the first application.
143.—(1) The scheme manager must specify in the statement of entitlement the date by reference to which the cash equivalent or club transfer value is calculated (“the guarantee date”)
(2) Unless paragraph (4) applies, the guarantee date must fall within both the following periods—
(a)the three months beginning with the date of the member's application for the statement of entitlement(“the three month period”); and
(b)the 10 days ending with the date on which the member is provided with that statement (“the 10 day period”).
(3) In counting the 10 day period, Saturdays, Sundays, Christmas Day, and New Year's Day are excluded.
(4) The scheme manager may specify in the statement of entitlement a guarantee date that falls within the six months beginning with the date of the member's application for the statement of entitlement if—
(a)for reasons beyond the control of the scheme manager, the information needed to calculate the amount of the cash equivalent or club transfer value cannot be obtained before the end of the three month period; and
(b)the scheme manager considers it reasonable to specify a guarantee date that falls outside the three month period.
144.—(1) An active or a deferred member of this scheme who is provided with a statement of entitlement may request a transfer payment to be made in respect of the member's accrued rights to benefits under this scheme.
(2) The request for transfer payment must be made by written notice to the scheme manager and specify the pension scheme or other pension arrangement to which the transfer value is to be made.
(3) A deferred member must exercise the right to apply for the payment of a club transfer value on the earlier of the day before the deferred member attains the deferred pension age and the end of the period of 12 months beginning with the date on which the deferred member ceased to be an active member of the scheme.
(4) A deferred member must exercise the right to apply for the payment of a transfer value on or before the day before the deferred member attains the deferred pension age.
(5) Subject to paragraph (6), the member by written notice to the scheme manager may withdraw the request at any time before the transfer payment is made.
(6) The member may not withdraw the request if an agreement for the use of the whole or part of the transfer payment has already been entered into with a third party.
145.—(1) Subject to paragraphs (2) and (3), the amount of the transfer value is to be calculated in accordance with actuarial guidance as at the guarantee date.
(2) If a transfer value is paid later than six months after the guarantee date, the amount of the guaranteed cash equivalent must be increased in accordance with regulations made under section 93 (calculation of cash equivalents) of the Pension Schemes Act.
(3) If a club transfer value is paid later than six months after the guarantee date, the amount of the club transfer value as specified in the statement of entitlement must be increased if necessary so that it is equal to the amount it would have been if the guarantee date had been the date on which the payment is made.
(4) If the transfer value or club transfer value is less than the minimum transfer value, the amount of the transfer value or club transfer value must be increased so that it is equal to the amount of the minimum transfer value.
(5) In this regulation—
“the minimum transfer value” means the total of—
the sum of all member contributions and added pension payments made by the member; and
the sum of all transfer value payments received by this scheme in relation to the member.
146. If a transfer payment is made under this Chapter in respect of a member's accrued rights to benefits under this scheme, those rights are extinguished.