Right to apply for acceptance of transfer value paymentS
140.—(1) An active member (M) may apply for a transfer value payment to be accepted from—
(a)an appropriate registered occupational pension scheme;
(b)a registered personal pension scheme;
(c)a registered buy-out policy;
(d)a corresponding scheme.
(2) Paragraph (1) does not apply to M's rights—
(a)under a free-standing AVC scheme to which paragraph (3) applies, or
(b)that are directly attributable to a pension credit.
(3) This paragraph applies to—
(a)a scheme which—
(i)immediately before 6th April 2006 was approved by the Commissioners for Her Majesty's Revenue and Customs by virtue of section 591(2)(h) of the Income and Corporation Taxes Act 1988 (free-standing AVC schemes), and
(ii)became a registered scheme for the purposes of the 2004 Act by virtue of Schedule 36 to that Act, or
(b)a scheme established on or after that date as a registered free-standing AVC scheme.
(4) An appropriate registered occupational pension scheme is a registered occupational pension scheme which is not—
(a)a connected scheme;
(b)a corresponding 1995 scheme; or
(c)a corresponding 2008 scheme.
(5) In paragraph (1), “buy-out policy” means a policy of insurance or annuity contract that is appropriate for the purposes of section 19 of the 1993 Act [F1(discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts)].
(6) In paragraph (4)—
“a corresponding 1995 scheme” is a superannuation scheme provided under section 10 of the Superannuation Act 1972 M1 and having effect in England and Wales or a superannuation scheme provided under Article 12 of the Superannuation (Northern Ireland) Order 1972 M2, the provisions of which the Scottish Ministers have determined correspond to the provisions of the 2011 Regulations;
“a corresponding 2008 scheme” is a superannuation scheme provided under section 10 of the Superannuation Act 1972 and having effect in England and Wales or a superannuation scheme provided under Article 12 of the Superannuation (Northern Ireland) Order 1972, the provisions of which the Scottish Ministers have determined correspond to the provisions of the 2013 Regulations.
Textual Amendments
F1Words in reg. 140(5) substituted (13.3.2017) by The National Health Service Pension Scheme (Scotland) (Miscellaneous Amendments) Regulations 2017 (S.S.I. 2017/28), regs. 1(2), 23
Marginal Citations