SCHEDULE 1Scottish Parliamentary Pension Scheme
Part NTransfers
Chapter 1Transfers out
Transfer payment
78
1
Where rule 75 requires a transfer to be made, the transferable sum is to be paid from the Pension Fund in the way specified in the transfer-out notice by no later than—
a
the individual's 65th birthday, or
b
if later, the day falling 6 months after the transfer notice was given.
2
If payment is made later than 6 months after the guarantee date relating to the statement of entitlement by reference to which the transferable sum was determined, the transferable sum is to be increased by—
a
the amount, if any, by which it falls short of what the transferable sum would have been if the guarantee date had been the date of payment, or
b
if greater, the amount of interest on the transferable sum calculated on a daily basis over the period from the guarantee date to the date of payment (calculated at an annual rate of 1% above the Bank of England base rate).