PART 10Transfers
CHAPTER 1Preliminary
Application of Part197
This Part—
a
supplements the rights conferred by or under Chapter 4 of Part 4 of PSA 1993 (transfer values); and
b
is without prejudice to that Chapter or Chapter 5 of that Part (early leavers: cash transfer sums and contribution refunds).
Interpretation of Part198
In this Part—
“cash equivalent” means an amount calculated in accordance with regulations made under section 97 of PSA 1993;
“club transfer statement of entitlement,” in relation to a member's accrued earned pension under this scheme, means a statement by the scheme manager of the club transfer value as at the guarantee date;
“club transfer value”, in relation to earned pension accrued under this scheme or under another club scheme, means an amount calculated—
- a
in accordance with the club transfer arrangements; and
- b
by reference to the guidance and tables provided by the Government Actuary for this purpose that are in use on the date used for the calculation;
- a
“guarantee date” means—
- a
for a transfer value, the date specified in the statement of entitlement as the date by reference to which the cash equivalent is calculated; and
- b
for a club transfer value, the date specified in the club transfer statement of entitlement as the date by reference to which the club transfer value is calculated;
- a
“guaranteed cash equivalent”, in relation to accrued rights to benefits under this scheme, means the cash equivalent of those accrued rights as at the guarantee date, as specified in a statement of entitlement;
“statement of entitlement”, in relation to a member's accrued rights to benefits under this scheme, means a statement by the scheme manager of the cash equivalent of those rights as at the guarantee date;
“transfer value”, in relation to accrued rights other than rights to earned pension accrued under this scheme or under another club scheme, means—
- a
for accrued rights to benefits under this scheme, an amount equal to the guaranteed cash equivalent of those accrued rights; and
- b
for accrued rights under another pension scheme, an amount—
- i
determined by the scheme actuary of that scheme; and
- ii
specified in a statement of accrued rights provided by the scheme manager of that scheme.
- i
- a