- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
F5.—(1) Subject to paragraphs (2) to (6), a transfer value offered to the Secretary of State by the scheme managers of an approved superannuation scheme or personal pension scheme (“the previous scheme”) in respect of a person who has entered pensionable employment may be accepted.
(2) The person must have made a written request to the Secretary of State for the transfer value to be accepted.
(3) Unless the employment in which the person was subject to the previous scheme was comparable British service, the request must have been made within 12 months after the day on which he entered pensionable employment.
(4) A transfer value is not to be accepted if one was accepted before 1st November 1988 in relation to the same transfer.
(5) Subject to paragraph (6), a transfer value is not to be accepted if—
(a)before the end of the employment in which he was subject to the previous scheme the person became entitled under regulation E4 to payment of retirement benefits, or
(b)he has become entitled to payment of benefits under a provision of a statutory scheme corresponding to regulation E4.
(6) Paragraph (5) does not apply if the employment in which he was subject to the previous scheme was comparable British service and he entered pensionable employment—
(a)immediately after the end of the employment, or
(b)on or before his 60th birthday.
(7) A person in respect of whom a transfer value has been accepted is entitled to count reckonable service in accordance with Part III of Schedule 12.
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: