SCHEDULE 3Transitional provisions
PART 5Receipt of club transfer values
Application of Part25
1
This Part applies to a member who applies under these Regulations for a club transfer value to be accepted from an existing club scheme (“the sending scheme”).
2
This Part does not apply if—
a
the person (P) has reached 75;
b
retirement benefits have become payable to P under this scheme or under the sending scheme; or
c
the sending scheme was a money purchase arrangement to which P's previous employer made no contribution.
Member with full protection26
1
This paragraph applies if a full protection member of the existing scheme applies to the scheme manager for a club transfer value to be accepted.
2
On receipt of the application, the scheme manager must accept payment of the club transfer value if it is offered.
3
The club transfer value must be paid into the existing scheme.
Member with tapered protection or no protection27
1
This paragraph applies if a tapered protection member or a transition member who is not a protected member applies to the scheme manager for a club transfer value to be accepted.
2
On receipt of the application, the scheme manager must accept payment of the club transfer value if it is offered.
3
Payment of the club transfer value—
a
must be accepted into the existing scheme if the payment relates to pensionable service before the transition date;
b
must be accepted into this scheme if the payment relates to pensionable service on or after the transition date.