Commentary on Sections Summary Compensation in respect of scheme right to transfer payment or contribution refund
587.Paragraph 20 sets out when a person is entitled to a lump sum of 90% of a protected transfer payment or protected contribution repayment. This is paid where a person’s pensionable service terminates on the commencement of the assessment date and as a result he has a right to a transfer payment under the scheme (‘the protected transfer payment’) or a cash payment which refunds his contributions to the scheme (‘the protected contribution repayment’). This is paid immediately after the Board issues the transfer notice under section 160.
588.Regulations may modify paragraphs 8, 10, 11 or 14 as they apply where a person is entitled to compensation under this paragraph.