The Teachers' Superannuation (Scotland) Regulations 1993

14.  In this Schedule–

(a) “accrued rights” means the rights which have accrued in respect of a teacher under these Regulations at the material date, or which would have accrued in respect of him if the period of service necessary to satisfy the requirements of regulation E4 (qualification for retiring allowances) had been the period which he had completed at that date;

(b) “appropriate date” means the date on which the person in respect of whom the transfer value is paid became employed in pensionable employment or, if the transfer value is received more than 12 months after that date, the date on which it is received;

(c) “capitalised value” means the capitalised value at the material date as determined by the Secretary of State, having regard to investment conditions and the contingencies on which benefits are, or are to be, payable under these Regulations;

(d) “club scheme” means an occupational pension scheme which–

(i) is a contracted-out scheme;

(ii) provides benefits calculated by reference to the remuneration of the participant;

(iii) is open to new members or, if it is a closed scheme, its trustees or managers also manage an open scheme which is a club member for new recruits of the same grade or level of post as the participants in the closed scheme;

(iv) has undertaken to comply with the reciprocal arrangements for the payment and receipt of transfer values agreed from time to time between members of the club; and

(v) is approved for the purposes of this Schedule by the Treasury;

(e) “material date” means the date on which the teacher ceased to be employed in pensionable employment or entered excluded employment or, if it is later, the date of his application for payment of a transfer value which he has not subsequently withdrawn;

(f) “state scheme premium” means a state scheme premium or transfer premium under Part III of the Pensions Act.