PART 4 N.I. Pension accounts

CHAPTER 5 N.I. Active member's account

Receipt of a transfer value payment N.I.

41.—(1) This regulation applies if a transfer value payment is received from another pension scheme (other than a connected scheme) in relation to an active member of this scheme.

(2) On receiving the transfer value payment, the scheme manager must credit the active member's account with the amount of transferred pension calculated under regulation 151(2) (amount of transferred pension).