Payment of transfer valuesE+W+S
31.—(1) A transfer value is to be paid in respect of a person who has ceased to be in pensionable employment and has become subject to another registered pension scheme (“the receiving scheme”).
(2) Paragraph (1) is subject to the following provisions of this regulation and to the limitations in regulation 32 (limitation on payment of transfer values under regulation 31).
(3) This regulation does not however affect a person's entitlement to a cash equivalent.
(4) A transfer value may only be paid in respect of a person who has become subject to a personal pension scheme if the person was in pensionable employment after 31st December 1985.
(5) A transfer value may only be paid under this regulation if—
(a)the person makes a written application to the Secretary of State, and
(b)the application is made within 12 months after the day on which the person became subject to the receiving scheme, except where the receiving scheme is comparable British service.
(6) Except as provided in paragraph (8) a transfer value is not to be paid under this regulation in respect of a person to whom, when the application was received, retirement benefits or a short-service serious ill health grant have become payable.
(7) Paragraph (6)—
(a)prevents a transfer value referable to the person's NPA 60 reckonable service being paid where—
(i)the person is a person with mixed service, and
(ii)a Case applies to that person's NPA 60 reckonable service, but not to the person's NPA 65 reckonable service, but
(b)does not prevent a transfer value referable to a person's further employment from being paid where neither retirement benefits nor a short-service serious ill health grant have become payable in respect of the further employment even though either retirement benefits or a short-service serious ill health grant have become payable in respect of previous employment.
(8) A transfer value is however to be paid under this regulation if—
(a)the employment in which the person has become subject to the receiving scheme is comparable British service, and
(b)the person entered it—
(i)immediately after ceasing to be in pensionable employment, or
(ii)on or before the person's 60th birthday, in the case of a pre-2007 entrant, or the person's 65th birthday in any other case, and
(c)the person has not applied for payment of any benefit.
(9) For the purposes of paragraph (8)(c) a person who was receiving phased retirement benefits before ceasing to be in pensionable employment is not to be treated as having applied for the payment of any benefit.
(10) A transfer value is not to be paid under this regulation in respect of a person to whom, when the application was received, a short-service annuity has become payable.
(11) A transfer value in respect of any pension credit rights or pension credit benefits is not to be paid under this regulation.
(12) Part 1 of Schedule 6 (transfer values) has effect for determining the amount of transfer values payable under this regulation.