The Local Government Pension Scheme (Environment Agency) Regulations 1996

Calculation of transfer value

6.—(1) Where a person to whom paragraph 9 of Schedule M2 of the principal Regulations (as added by these Regulations) applies gives written notice to the Environment Agency within 12 months of becoming a member that he wishes them to accept a transfer value in respect of all his accrued rights from the Principal Civil Service Pension Scheme, the transfer value in respect of those rights shall be calculated in accordance with paragraph (2) and the provisions of paragraph (3) shall apply in relation to that person to the exclusion of regulation K16 of the principal Regulations.

(2) The transfer value shall be such amount as shall be agreed between the Government Actuary and the actuary to the Active Fund maintained by the Environment Agency and shall be adjusted to take account of any period between the date the person becomes a member of the Scheme and the date of actual payment of the transfer value as those actuaries shall agree.

(3) The period which shall be counted under regulation K14(1)(a) of the principal Regulations in relation to the person shall be equal to the actual length of his reckonable service under the Principal Civil Service Pension Scheme and the provisions of regulation K14(1)(a) shall be modified accordingly in relation to him.