Paragraph 33 Information provided on or after 1st October 2023: calculation of pension creditsF1

(1)

This paragraph applies where the Scheme manager must determine an appropriate amount for the purposes of section 29 of WRPA 1999.

(2)

For the purpose of calculating the appropriate amount, the Scheme manager must determine—

(a)

the cash equivalent of D’s remediable relevant benefits on the valuation day as if those remediable relevant benefits were in this Scheme (“the legacy scheme cash equivalent”), and

(b)

the cash equivalent of those benefits on the valuation day as if they were in the reformed scheme (“the reformed scheme cash equivalent”).

(3)

For the purpose of calculating the pension credit, the Scheme manager must use the greater of—

(a)

the legacy scheme cash equivalent;

(b)

the reformed scheme cash equivalent.

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