Transfers out
14.—(1) An AVC member may cease to be a member of the AVC scheme in relation to all or part of the AVC scheme assets at any time before those assets are used under regulation 12 by requesting the scheme manager (in such manner as may, subject to Chapters 1 and 2 of Part 4ZA of the Pension Schemes Act 1993(1) or to Chapters 1 and 2 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993(2), be specified by the scheme manager) to take one of the actions in paragraphs (2)(a) to (d).
(2) The actions are—
(a)to transfer all or part of the AVC scheme assets to any other registered scheme or a qualifying recognised overseas pension scheme in which the person is participating (provided that the other pension scheme is willing and able to accept such a transfer value);
(b)to use all or part of the AVC scheme assets to purchase one or more insurance policies of the type described in section 95(2)(c) of the Pension Schemes Act 1993 or section 91(2)(c) of the Pension Schemes (Northern Ireland) Act 1993;
(c)to pay the AVC member the value of the AVC scheme assets if the AVC member’s pensionable service, together with any service whilst an AVC member of another registered scheme from which a transfer value has been paid to the AVC scheme or the 2015 scheme, is less than 2 years;
(d)to use all or part of the AVC scheme assets in any other way which is not an unauthorised payment within the meaning of section 160(5) of the 2004 Act(3).
1993 c. 8; Part 4, Chapters 4 and 5 were renumbered as Part 4ZA Chapters 1 and 2 by Part 1 of Schedule 4 to the Pension Schemes Act 2015 (c. 8).
1993 c. 49; Part 4, Chapters 4 and 5 were renumbered as Part 4ZA chapters 1 and 2 by paragraph 50 of Part 2 of Schedule 4 to the Pension Schemes Act 2015 (c. 8).
Sections 160(2) and (4) relevant to this definition were amended by the Finance Act 2006 (c. 25) and the Finance Act 2007 (c. 11).