180.—(1) Subject to regulation 185 (request for transfer out after member repays to scheme manager a refund received under regulation 184), a transfer payment may only be made in respect of the accrued rights to benefits of a deferred member of this scheme.
(2) A transfer payment may only be made to—
(a)a registered pension scheme that is not a connected scheme; or
(b)a pension arrangement that is a qualifying recognised overseas pension scheme for the purposes of Part 4 of FA 2004 (see section 169(2)(1) of that Act).
(3) A transfer payment may not be made in respect of rights that are attributable (directly or indirectly) to a pension credit.
(4) A member may only require the scheme manager to use a transfer payment in a way specified in section 95(2)(2) of PSA 1993.
(5) A member may only require the scheme manager to make a club transfer value payment in the period of 12 months beginning with the day on which the member becomes eligible to be an active member of the club scheme to which the payment is to be made.
(6) If section 96(2)(3) of PSA 1993 applies, benefits attributable to the following may be excluded from the transfer payment—
(a)the member’s accrued rights to a guaranteed minimum pension; or
(b)the member’s accrued rights attributable to service in contracted-out employment on or after 6th April 1997.
(7) In this regulation, “contracted-out employment” has the meaning given in section 8(1) of PSA 1993.
Section 169(2) was amended by the Finance Act 2013 (c. 29) section 53(2) and (3).
Section 95(2) was amended by S.I. 2001/3649.
Section 96(2) was amended by PA 1995, paragraph 63 of Schedule 5; WRPA 1999, paragraph 3 of Schedule 2 and Part 1 of Schedule 13; the Pensions Act 2007 (c. 22), paragraphs 1 and 29 of Schedule 4 and Part 6 of Schedule 7; and S.I. 2011/1730.