The Teachers' Pensions Regulations 2010

[F1 SECTION 2 E+W+S Transfers out

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

Application of this Section E+W+S

35A.— (1) This Section applies if a person ceases to be in pensionable employment and has become subject to another registered pension scheme.

(2) This Section only applies to a person who ceases to be in pensionable employment and becomes subject to a personal pension scheme if the person was in pensionable employment after 31st December 1985.

Payment under this Section E+W+S

35B.   A transfer value may only be paid under this Section in respect of a person (P) if P—

(a) has left all pensionable employment under this scheme,

(b) makes a written application for a transfer value payment to the Secretary of State within 12 months from the date on which P becomes subject to another registered pension scheme, and

(c) has not reached the normal pension age when P's application is received.

Restrictions on the payment of a transfer value E+W+S

35C.   A transfer value is not to be paid under this Section if, before a person's application for a transfer value payment is received, the person is in receipt of—

(a) retirement benefits under this scheme,

(b) a short-service serious ill-health grant, or

(c) a short service annuity.

Limitation on payment of transfer values E+W+S

35D.— (1) Where the receiving scheme is not a contracted-out occupational pension scheme a transfer value may only be paid under this Section if the person—

(a) is not qualified for retirement benefits, or

(b) has ceased to be in pensionable employment before 6th April 1978, or

(c) is a married woman or widow who, by virtue of an election made or treated as made under regulations under section 19(4) of the Social Security Contributions and Benefits Act 1992, either is liable to pay primary Class 1 contributions or Class 2 contributions at a reduced rate or is under no liability to pay Class 2 contributions.

(2) Where a person has accrued section 9(2B) rights a transfer value may only be paid under regulation 31 in respect of those rights if any applicable provisions of Part 3 of the Contracting-Out (Transfer and Transfer Payments Regulations) 1996 are complied with.

(3) Where the person has acquired a right to a cash equivalent, a transfer value may only be paid under this Section if—

(a) the service to which the cash equivalent relates includes service before 1st September 1988, and

(b) the right has been exercised by requiring the whole of the cash equivalent to be paid to the scheme managers of an occupational pension scheme which is not a club scheme.

(4) Where the person has acquired a right to a part cash equivalent, a transfer value may only be paid under this Section if the person would not remain qualified for retirement benefits on taking that right.

(5) In this regulation—

“occupational pension scheme” has the same meaning as in section 150(5) of FA 2004, and

“receiving scheme” means the scheme a person becomes subject to after leaving pensionable employment.]