F1PART 4Transfers
CHAPTER 3Transfers on a comparable United Kingdom service basis
SECTION 1Application of Chapter
Application of this Chapter34.
This Chapter applies in relation to the payment and acceptance of CUKS transfer values.
SECTION 2Transfers out
Application of this Section34A.
(1)
This Section applies if—
(a)
a person (P) ceases to be in pensionable employment and has become subject to a comparable United Kingdom scheme on or before 31st March 2015, and
(b)
P makes an application for a transfer value payment on or before 31st March 2017.
(2)
Part 1 of Schedule 6 determines the amount of a CUKS transfer value payment.
Payment under this Section34B.
(1)
A CUKS transfer value may only be paid under this Section in respect of a person (P) if either paragraph (2) or (3) applies.
(2)
P makes an application for a CUKS transfer value payment on or before the day P reaches the normal pension age.
(3)
(a)
P makes an application for a CUKS transfer value after the day on which P reaches the normal pension age,
(b)
P joined the comparable United Kingdom scheme—
(i)
immediately after ceasing to be in pensionable employment, and
(ii)
before reaching the normal pension age, and
(c)
before P's application for a CUKS transfer value payment is received, P is not in receipt of—
(i)
retirement benefits from the other comparable United Kingdom scheme,
(ii)
a short-service serious ill-health grant, or
(iii)
a short-service annuity.
SECTION 3Transfers in
Application of this Section34C.
(1)
This Section applies if a person—
(a)
ceases to be in a comparable United Kingdom scheme,
(b)
enters pensionable employment in this scheme on or before 31st March 2015, and
(c)
makes an application for a transfer value payment on or before 31st March 2017.
(2)
A person in respect of whom a CUKS transfer value is accepted is entitled to count reckonable service in accordance with Part 2 of Schedule 6.
Receipt under this Section34D.
(1)
A CUKS transfer value payment may be accepted under this Section in respect of a person (P) to whom this Section applies, if either paragraph (2) or (3) applies.
(2)
(a)
P makes an application for a CUKS transfer value on or before the day on which P reaches the normal pension age, and
(b)
when P's application is received, P is not in receipt of—
(i)
retirement benefits under this scheme,
(ii)
a short-service serious ill-health grant, or
(iii)
a short-service annuity.
(3)
(a)
P makes an application for a CUKS transfer value after the day on which P reaches the normal pension age, and
(b)
P entered pensionable employment—
(i)
immediately after ceasing comparable UK service, and
(ii)
on or before the date on which P reaches the normal pension age.