Paragraph 10 Information before 1st October 2023: AFPS 2015 only, transfer day before 1st October 2023F1

(1)

This paragraph applies, in relation to a relevant pension sharing order—

(a)

where the transfer day was on or before 30th September 2023,

(b)

whether or not the valuation day has occurred before 30th September 2023, and

(c)

where C does not have a pension credit account in the relevant legacy pension scheme.

(2)

The scheme manager must determine—

(a)

the initial appropriate amount;

(b)

the remediable appropriate amount.

(3)

The “initial appropriate amount” is the appropriate amount determined on the valuation day for the purposes of section 29(2) or (3) of WRPA 1999 in relation to D’s remediable shareable rights in this scheme immediately before the transfer day.

(4)

The remediable appropriate amount is the greater of the following amounts—

(a)

the initial appropriate amount;

(b)

the legacy remediable appropriate amount.

(5)

Where the remediable appropriate amount is greater than the initial appropriate amount, C’s pension credit account is subject to an adjustment (a “remediable credit adjustment”) equal to the difference.

(6)

The scheme manager must, as soon as reasonably practicable, provide C with a statement setting out—

(a)

the initial appropriate amount;

(b)

the legacy remediable appropriate amount;

(c)

any remediable credit adjustment.

(7)

In determining the legacy remediable appropriate amount for the purposes of sub-paragraph (4), the percentage value for the purposes of section 29(2) WRPA 1999 is the percentage specified in the relevant pension sharing order in relation to this scheme.

(8)

Where the relevant pension sharing order specifies an amount to be transferred, the scheme manager must—

(a)

calculate the percentage (the “implied percentage”) that the amount to be transferred represented of the cash equivalent, on the valuation day, of all D’s shareable rights under this scheme immediately before the transfer day;

(b)

determine the legacy remediable appropriate amount for the purposes of section 29(3) of WRPA 1999 by applying the implied percentage to the cash equivalent of the remediable relevant benefits on the valuation day as if they had been secured in the relevant legacy scheme immediately before the transfer day.

Annotations

Textual amendments

F1: Sch. inserted (1.10.2023) by The Armed Forces Pensions (Remediable Service) Regulations 2023 (S.I. 2023/998), reg. 1(b), Sch. 7