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The Teachers' Pensions (Miscellaneous Amendments) (No. 2) Regulations 2014
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- 2014 No. 2651
- Regulation 25
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Amendments to Schedule 6 (Transfer values), Part 2 (Inward Transfers)U.K.
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25. In Schedule 6—
(a)for paragraphs 11 and 12, substitute—
“11. If Section 3 of Chapter 3 of Part 4 (Transfers on a CUKS basis; transfers in) applies, a person (P) is entitled to count as reckonable service the period of service under a comparable United Kingdom scheme certified by the scheme managers as having stood to P's credit under the scheme when P ceased to be subject to it.
11A.—(1) If Section 3 of Chapter 2 of Part 4 (Transfers on a club basis; transfer in) applies, a person (P) is entitled to count as reckonable service the period specified in this paragraph.
(2) A period specified in this paragraph is determined by the Secretary of State having taken advice from the scheme actuary and by reference to the age and salary of P notified by the scheme manager of the club scheme.
(3) Any sum representing interest that is included in the transfer value is not to be taken into account.
12.—(1) If Section 3 of Chapter 4 of Part 4 (Transfers on a cash equivalent basis; transfer in) applies, a person (P) is entitled to count as reckonable service the period specified in this paragraph.
(2) A period specified in this paragraph is determined by the Secretary of State having taken advice from the scheme actuary and by reference to—
(a)P's age and salary at the date P entered pensionable employment, if a transfer value is received within 12 months of entering pensionable employment;
(b)P's age and salary at the date a transfer value is received, if the transfer value is received more than 12 months after P enters pensionable employment.
(3) Any sum representing interest that is included in the transfer value is to be taken into account.”.
(b)for sub-paragraph (1)(a) of paragraph 13, substitute—
“(a)the person is subject to a personal pension scheme after ceasing to be in pensionable employment and that pensionable employment was after 31st December 1985.”.
(c)in paragraph 14, for “36” substitute “ 36A ”.
(d)in paragraph 15, for “scheme of managers” substitute “ scheme manager ”.
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