Paragraph 11 Information provided before 1st October 2023: AFPS 2015 only, transfer day after 1st October 2023F1

(1)

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

(a)

the transfer day is on or after 1st October 2023, and

(b)

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

(2)

The scheme manager must determine the appropriate amount under section 29(1)(b) of WRPA 1999 in relation to D’s remediable relevant benefits—

(a)

as if those remediable relevant benefits had been secured in this scheme immediately before the transfer day (“reformed remediable appropriate amount”);

(b)

as if those remediable relevant benefits had been secured in the relevant legacy pension scheme immediately before the transfer day (“legacy remediable appropriate amount”).

(3)

The appropriate amount in relation to D’s remediable relevant benefits (“the remediable appropriate amount”) is the greater of the legacy remediable appropriate amount or the reformed remediable appropriate amount.

(4)

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

(a)

the legacy remediable appropriate amount;

(b)

the reformed remediable appropriate amount.

(5)

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.

(6)

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