Transfer to overseas pension schemes21

1

At the request of any person who has been a participant but who has ceased to be a Representative and who has not become entitled to a pension under this Order other than a guaranteed minimum pension arising under Article 7(9), the Managers shall pay into or for the purposes of any one, or more than one, fund or scheme to which this article applies a sum or sums representing the transfer value of that person’s accrued pension rights.

2

This article applies to any overseas fund or scheme which is approved by the Managers, provided that the Managers shall before giving such approval consult and have regard to the views of the Board of Inland Revenue and the Occupational Pensions Board as to the suitability of the fund or scheme for the purposes of this article.

3

At the request of any person—

a

in respect of whom any sum has been paid under this article into or for the purposes of an overseas fund or scheme; and

b

who is not at the time the request is made a Representative,

the Treasury may receive a sum, out of, or out of monies held for the purposes of, that fund or scheme, equal to the sum paid under this article together with interest thereon from the date of that payment at such a rate as may be agreed by the Treasury.