Paragraph 24 Information and transfer day before 1st October 2023: unprotected membersF1

(1)

This paragraph applies where—

(a)

D was a transition member with continuity of service before 1st April 2022,

(b)

the transfer day in relation to a relevant pension sharing order was before 1st October 2023, and

(c)

C has a pension credit account in the reformed scheme under the relevant pension sharing order.

(2)

The Scheme manager must determine—

(a)

the initial appropriate amount;

(b)

the remediable appropriate amount.

(3)

The “initial appropriate amount” means 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 on the transfer day in the reformed scheme.

(4)

The remediable appropriate amount is the greater of—

(a)

the legacy remediable appropriate amount;

(b)

the initial 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)

the remediable appropriate amount,

(d)

the remediable credit adjustment, if any, and

(e)

where paragraph 26(4) applies in relation to C, an explanation of the request that may be made in accordance with paragraph 26(5) and the consequences of making, or not making, such a request.

(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 value specified in the relevant pension sharing order in relation to the reformed 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 of D’s shareable rights under the reformed scheme on the valuation 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 this Scheme.

Annotations

Textual amendments

F1: Sch. 3 inserted (1.10.2023) by The Armed Forces Pensions (Remediable Service) Regulations 2023 (S.I. 2023/998), reg. 1(b), Sch. 2

Notes on Schedule 3

Modifications

C1: Schs. 1-3 modified (14.7.2026 for the tax year 2014-15 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2026 (S.I. 2026/673), regs. 1(2), 10