The Health and Personal Social Services (Superannuation) (Additional Voluntary Contributions) Regulations (Northern Ireland) 1999

Inward transfers

8.—(1) Where a person who enters superannuable employment has during any previous employment paid contributions to—

(a)a free-standing additional voluntary contributions scheme; or

(b)an approved scheme which provides additional benefits through additional voluntary contributions but does not fall within section 591(2)(h) of the Taxes Act (discretionary approval),

that person, whether or not he becomes a contributor within the meaning of these Regulations, may, within 12 months of entering superannuable employment, or such longer period as the Department may in any particular case allow, give written notice to the Department that he wishes it to accept from the trustees or managers of such a scheme a transfer value representing the value of the investments derived from his contributions.

(2) Where the Department accepts a transfer value it shall be invested by the Department, in accordance with the wishes of the person entering superannuable employment, in one or more of the authorised funds.

(3) Where a transfer value is invested under paragraph (2) the person may at any time, by giving written notice to the Department, require the Department to realise the whole or part of the sums so invested and to reinvest the proceeds in a different way.