The Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993

Leaving the AVC scheme

10.  A contributor may cease to participate in the AVC scheme at any time before benefits provided under regulation 7 are taken by requiring the Trustees (in such manner as may, subject to Schedule 1A to the Pensions Act 1975, be specified by the Trustees) to do one or more of the following as appropriate—

(a) to transfer the value of the contributor’s accrued benefits to an approved scheme of a subsequent employer, or to a personal pension scheme subject, in each case, to the scheme being willing to accept the transfer value and meeting the prescribed requirements referred to in paragraph 13(2)(a)(1) of Schedule 1A to the Pensions Act 1975 (and in each case the Trustees will certify to the receiving scheme that the whole of the transfer value represents the realisable value of the contributor’s contributions and that all of it must be used to secure a non-commutable pension) and after they have made such a transfer the Trustees will be discharged from any obligation to provide any benefits to which the transfer value relates;

(b) to use the value of the contributor’s accrued benefits to purchase one or more insurance policies of the type described in paragraph 13(2)(b)(2) of Schedule 1A to the Pensions Act 1975;

(c) if the contributor’s aggregate period of reckonable service as a participant, including any service whilst a member of a previous employer’s pension scheme from which a transfer value has been paid to the AVC scheme or the principal scheme, totals less than 2 years, to pay the contributor the value of his or her accrued benefits after deduction of any tax payable by the Trustees.

For the purposes of this paragraph, the value of a contributor’s accrued benefits shall be the total realisable value of the investments made by the Trustees with the contributions paid by the contributor.

(1)

Paragraph 13(2)(a) and (b) were amended by the Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987, S.I. 1987/116, Schedule 6; and sub-paragraph (2A) was inserted by the Social Security Act 1986 (c. 50), Schedule 10, paragraph 30.

(2)

Paragraph 13(2)(a) and (b) were amended by the Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987, S.I. 1987/116, Schedule 6; and sub-paragraph (2A) was inserted by the Social Security Act 1986 (c. 50), Schedule 10, paragraph 30.