[F1 PART 4 E+W+S Transfers

Textual Amendments

F1 Pt. 4 substituted (1.4.2015) by The Teachers' Pensions (Miscellaneous Amendments) (No. 2) Regulations 2014 (S.I. 2014/2651), regs. 1, 10

CHAPTER 3 E+W+S Transfers on a comparable United Kingdom service basis

SECTION 1 E+W+S Application of Chapter

Application of this Chapter E+W+S

34.   This Chapter applies in relation to the payment and acceptance of CUKS transfer values.

SECTION 2 E+W+S Transfers out

Application of this Section E+W+S

34A.— (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 Section E+W+S

34B.— (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 3 E+W+S Transfers in

Application of this Section E+W+S

34C.— (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 Section E+W+S

34D.— (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.]