Article II 1.11 Entitlement to Transfer Value

a) Where a member has less than five years of service upon termination of membership for a reason other than death or total disability, a transfer value shall be paid into another pension scheme or to the member himself or, at his request, the amount held by the Fund for a maximum period of one year. The member has one year to inform the Fund of his selection, failing which he shall be deemed to have chosen to have the transfer value paid to him.

b) Where a member has five but less than ten years of service upon termination of membership for a reason other than retirement, death or total disability, he shall have the choice between a deferred retirement pension or payment of a transfer value. The transfer value shall be paid into another pension scheme or, if that is not possible, to himself, or, at his request, the amount shall be held by the Fund for a maximum period of one year. The member has one year to inform the Fund of his selection, failing which he shall be deemed to have chosen a deferred retirement pension.

c) Where a member has ten or more years of service upon termination of membership for a reason other than retirement, death or total disability, he shall have the choice between a deferred retirement pension or payment of a transfer value. The transfer value shall be paid into another pension scheme or, if that is not possible, into a private insurance scheme offering comparable guarantees, or, at his request, the amount shall be held by the Fund for a maximum period of one year. The member has one year to inform the Fund of his selection, failing which he shall be deemed to have chosen a deferred retirement pension.

d) Payment of a transfer value extinguishes any right to a pension, except that for partial disability that is already being paid.

e) A transfer value is not paid where an ex-member resumes membership and the interruption between the two contracts is one month or less.

Article II 1.12 Calculation of the Transfer Value 

The transfer value is calculated on the basis of the final reference salary by adding the following amounts:

a) 14.7% of the reference salary for each of the first ten years of service;

b) 22% of the reference salary for each further year of service;

c) notwithstanding the provisions of Article II 1.13, a sum equal to the amount of any purchase of added years multiplied by the ratio between the final reference salary and the reference salary at the date of purchase of added years.

The Council reserves the right to change the percentages under a) and b) above.