F.4. Ways in which transfer value payments may be appliedU.K.
(1) A member may only require the Secretary of State to apply the guaranteed cash equivalent transfer value payment in one or more of the ways permitted under section 95 of the Pension Schemes Act 1993 (whether or not he is entitled to a guaranteed cash equivalent transfer value payment under that Act).
(2) The whole of the guaranteed cash equivalent transfer value payment must be applied, unless paragraph (3) applies.
(3) The benefits attributable to—
(a)the member’s accrued rights to a guaranteed minimum pension, or
(b)the member’s accrued rights attributable to service in contracted-out employment on or after 6th April 1997,
may be excluded from the guaranteed cash equivalent transfer value payment if section 96(2) of the Pension Schemes Act 1993 applies (trustees or managers of certain receiving schemes or arrangements able and willing to accept a transfer payment only in respect of the member’s other rights).