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SECTION 9: CALCULATION OF TRANSFER VALUES
  

Part 2: Incoming transfer values

Time limits for application to bring in transfer value
   

9.18 (1) A member taking up employment on or after 1 January 1986 may apply in writing to bring in a transfer value in respect of any accrued pension benefits within 12 months of the date on which he takes up pensionable service in this Scheme or within 12 months of the date on which this section comes into operation, whichever is the later. Provided that where the transfer value will be applied in whole or in part to purchase guaranteed minimum pension benefits in this Scheme, the Authority may at their discretion refuse it if in their opinion, its amount is insufficient to meet the minimum test to be specified by the Treasury from time to time.
  
  (2) If he exercises the option referred to in sub-rule (1), the transfer value payment must be received within the periods specified in (1), or within 6 months of the date of his application, whichever is later; except that, if the transfer value is a cash equivalent payable in accordance with Schedule 1A to the Social Security Pensions Act 1975 and if the trustees or managers of his former pension Scheme fail without reasonable excuse to do what is needed to carry out what the member requires of them, the transfer value may be received at a later date.
  
  (3) Subject to paragraph 4 below, a member to whom sub-rule (1) applies will be credited with such reckonable service as is applicable to the amount of his transfer value in accordance with the incoming transfer value tables which are provided from time to time by the Actuary and which are in force on the date when the transfer value is received. However, if a member applies to bring in a transfer value, and if, before the date on which the transfer value is received, amendments to the incoming transfer value tables (in force on the date of the application) have been made, the member will be credited with reckonable service in accordance with whichever set of tables gives the better result having regard to Rule 9.19 and to the factors applicable by virtue of Rule 9.20.
  
  (4) Where the transfer is a qualifying transfer, the tables to be applied under paragraph (3) will be the tables referred to in Rule 9.05 in force on the same date as the relevant date used by the sending scheme for the purposes of calculating the transfer value.
  
  (5)

The time limits specified in Rule 9.18 (1) above may at the discretion of the Authority, be disregarded in exceptional circumstances.
  

Calculation of reckonable service to be credited
  

9.19

 The transfer value tables will be applied to the transfer value (irrespective of the particular benefits on which the transfer value payment is based) to give equal periods of reckonable service for personal pension, lump sum and (for both married and unmarried members) half rate widow’s or widower’s pension, as appropriate. Where the transfer value is received on or before 31 December 1985, the length of reckonable service credited may, however, be restricted in those circumstances where the limits laid down by the HM Revenue and Customs for approved occupational pension schemes would otherwise be exceeded. Where the transfer value is received on or after 1 January 1986, the length of the reckonable service credited will be restricted at the time of the award of a pension under this Scheme if the limits laid down in Rule 3.07 would otherwise be exceeded.
  

Treatment of transfer payment received after specified period
  

9.20 If a member to whom Rule 9.18 (1) applies opts to bring in a transfer value otherwise than under the public sector transfer arrangements, the adjustment for market conditions, starting pensionable earnings, age, and marital status at the date of joining the Scheme (to be referred to as "the joining date") will be used in applying the transfer value tables for the purposes of crediting reckonable service provided that the payment is received within a specified period starting on the joining date. For members who join the Scheme on or after 1 January 1986 and on or before 31 January 1988, the specified period is the period of 6 months starting on the joining date: for those members who join on or after 1 February 1988, the specified period is the period of 12 months starting on the joining date. Where the transfer value payment is received on or after the day following the last day of the specified period, the adjustment for market conditions, age, pensionable earnings and marital status at the date of receipt of the payment will be used in applying the transfer value tables. For the purposes of this Rule pensionable earnings shall be reduced by the appropriate percentage defined in Rule 4.05 (ii).
  

Related qualifying service
  
9.21 Where reckonable service credited is less than service actually served in the former pension scheme, qualifying service in this Scheme will be determined as follows:
 
  (i) where the whole of the transfer value arising from service in the former pension scheme is transferred into this Scheme, the whole of the period actually served in the former schemes will count for the purposes of the qualifying period for pension benefits.
  
  (ii) Where only part of the transfer value arising from service in the former pension Scheme is transferred into this Scheme, the whole of the period actually served in the former Scheme will count towards the qualifying period for the preservation of pension benefits under Rule 5.09. However, any benefits preserved solely by virtue of service in the former scheme will not be enhanced under Rule 5.01 or Appendix 8. In such cases, only the reckonable service credited in respect of the transfer value brought in will count as qualifying service for the purposes of an award under Rule 5.01 or under Appendix 8.
 
Related modification in respect of national insurance
  
9.22

Where a person takes up employment on or after 1 January 1986, Rules 4.08 to 4.11 will not apply to any reckonable service credited in this Scheme as a result of the acceptance of a transfer value. In all other cases, modification on account of national insurance benefits will apply in accordance with paragraph 15 of Appendix 4.
  

Treatment of payment received in respect of a qualifying transfer
  

9.23

 Where a payment is received in respect of a qualifying transfer
 
 

(i)

 before 6 April 1988 it will be dealt with in accordance with Appendix 4;
  
 

(ii)

on or after 6 April 1988 it will be dealt with in accordance with this Part of this Section except that the adjustment for market conditions, pensionable final earnings, age and marital status used by the sending scheme will be used in applying the transfer value tables for the purpose of crediting reckonable service. Pensionable final earnings shall be increased by the amount of any salary disregarded by the Scheme (in respect of national insurance modification or for any other relevant purpose), and by the same factor used by the sending scheme where the accrued benefits underlying the transfer value have been uprated.
  
9.24

Where a transfer value is received from a pension scheme other than a scheme to which Rule 9.23 applies in respect of a member whose pensionable service began on or before 31 December 1985, it will be dealt with under, and in accordance with, the Rules set out in Appendix 4.
  
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