PART 12FEE-PAID JUDICIAL ADDITIONAL VOLUNTARY CONTRIBUTION SCHEME
Transfers out100
1
A JAVC member may cease to be a member of the JAVC scheme in relation to all or part of the scheme assets at any time before those benefits are provided under regulation 98.
2
Subject to Chapters 1 and 2 of Part 4ZA of the Pension Schemes Act 199360, or Chapters 1 and 2 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 199361, the JAVC member must, on leaving the JAVC scheme, request the administrators (in such manner as may be specified by the administrators) to take one or more of the following actions—
a
to transfer all or part of the JAVC member’s scheme assets to any other registered pension scheme or a qualifying recognised overseas pension scheme in which the JAVC member may be 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 value of the JAVC member’s scheme assets to purchase one or more insurance policies of the type described in section 95(2)(c) of the Pension Schemes Act 199362 or section 91(2)(c) of the Pension Schemes (Northern Ireland) Act 1993;
c
if the JAVC member’s reckonable service, together with any service whilst a member of another registered pension scheme or a qualifying recognised overseas pension scheme from which a transfer value has been paid to the JAVC scheme is less than 2 years, to pay the JAVC member the value of the JAVC member’s scheme assets;
d
to use all or part of the JAVC member’s scheme assets in any other way which is not an unauthorised payment within the meaning of section 160(5) of the 2004 Act63.