The Teachers' Superannuation (Consolidation) Regulations 1988

Amounts of transfer values and additional transfer values

F3.—(1) Part I of Schedule 12 has effect, subject to paragraphs (2) and (3), for determining the amounts of transfer values payable under regulation F1.

(2) Unless the receiving scheme is a club scheme, where—

(a) the person in respect of whom a transfer value is payable had become entitled to count reckonable service under regulation F5(7) (receipt of transfer value), and

(b) the amount determined in accordance with Part I of Schedule 12, together with that of any cash equivalent paid on the transfer, is less than the appropriate amount,

a transfer value of the appropriate amount is to be paid.

(3) The appropriate amount is A+B−C, where—

• A is the transfer value received under regulation F5,

• B is the total of the contributions paid by the person under Part C, except any that fell to be treated for the purposes of regulation G2 as employer’s contributions, and

• C is any cash equivalent paid on the transfer.

(4) The amount of an additional transfer value payable under regulation F2 is to be calculated in accordance with Part II of Schedule 12.