96.—(1) A member may apply for a transfer under [F1Chapters 1 or 2 of Part 4ZA] of the Pension Schemes Act 1993 and where the member does so the amount of any transfer payment due in respect of the member under the relevant transfer may only be paid by the administering authority from its pension fund if the transfer payment is a recognised transfer (within the meaning of section 169 of the Finance Act 2004) M1.
[F2(1A) Where a transfer under paragraph (1) is a Club Transfer, the administering authority must comply with the provisions in the Club Memorandum in relation to that transfer.]
[F3(1B) Where a transfer under paragraph (1) is applied for by an eligible member and is not a Club Transfer, the value of the transfer is to be calculated in accordance with actuarial guidance issued by the Secretary of State, taking into account the member’s provisional assumed benefits and provisional underpin amount, calculated in accordance with regulations 4I and 4J of the 2014 Regulations.]
(2) Where such a transfer payment is to be or has been paid from a fund, no other payment or transfer of assets may be made from the fund as respects the accrued rights covered by the transfer payment.
(3) Paragraph (2) overrides anything to the contrary in these Regulations.
[F4(4) “Eligible member” has the same meaning as in regulation 4A(2) of the 2014 Regulations.]
Textual Amendments
F1Words in reg. 96 substituted (14.5.2018) by The Local Government Pension Scheme (Amendment) Regulations 2018 (S.I. 2018/493), regs. 1(2), 15(a)
F2Reg. 96(1A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Local Government Pension Scheme (Amendment) Regulations 2018 (S.I. 2018/493), regs. 1(2), 15(b)
F3Reg. 96(1B) inserted (1.10.2023) by The Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023 (S.I. 2023/972), regs. 1(2), 3(15)(a)
F4Reg. 96(4) inserted (1.10.2023) by The Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023 (S.I. 2023/972), regs. 1(2), 3(15)(b)
Marginal Citations