F1PART 4Transfers
CHAPTER 1General provisions
Application of Part31.
(1)
This Part does not affect a person's entitlement to a cash equivalent conferred by or under Chapter 4 of Part 4 of PSA 1993.
(2)
A transfer value in respect of any pension credit rights or pension credit benefits is not to be paid or accepted under this Part.
(3)
A transfer value in respect of a person (P) is not to be accepted under this Part if the previous scheme was a money purchase arrangement as defined in section 152 of FA 2004—
(a)
to which P's employer was not a contributor, and
(b)
which provided benefits additional to those provided by a scheme to which P was a contributor.
(4)
Under this Part a transfer value may not be paid in respect of P's phased retirement benefits in payment, only in respect of P's other benefits.
(5)
A transfer value may be paid or accepted under this Part, in respect of P, to the extent that paragraphs (6) or (7) apply to the transfer value.
(6)
A transfer value referable to P's NPA 65 reckonable service may be paid or accepted if—
(a)
P is a person with mixed service, and
(b)
P's NPA 60 reckonable service has come into payment.
(7)
A transfer value referable to P's further employment may be paid if—
(a)
retirement benefits, a short-service serious ill-health grant or a short-service annuity have not come into payment in respect of that further employment, and
(b)
retirement benefits, a short-service serious ill-health grant or a short-service annuity have come into payment in respect of the previous employment.