Transfer to retirement account of certain moneys credited to ordinary account or special account under section 19 or 19A of Act
5C.—(1) This regulation applies where —
(a)
an amount of money is transferred from a member’s ordinary account or special account (called in this regulation Account A) to the member’s retirement account under section 15(6) or (6CA) of the Act;
(b)
the whole or part of the transferred amount in sub-paragraph (a) is then restored from the member’s retirement account to Account A under section 13(7H) of the Act;
(c)
the restored amount in sub-paragraph (b) is then transferred —
(i)
to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) of the Act; or
(ii)
to the special account of a relevant individual under section 18(3)(a) of the Act; and
(d)
on the death of the relevant individual, the transferred amount in sub-paragraph (c), or the balance of that amount, is then credited to Account A under section 19(2)(a) or 19A(2)(a) of the Act.
(2) If there is any shortfall in the minimum sum applicable to the member when the amount or balance in paragraph (1)(d) is credited to Account A, the Board must transfer the lower of the following amounts under section 15(6CA) of the Act from Account A to the member’s retirement account:
(a)
the shortfall in the minimum sum applicable to the member;