Paragraph 41 Interpretation of Part 7F1

In this Part—

• “public sector transfer arrangements” has the meaning given in rule A.1(4) of Schedule 1;

• “receiving scheme”, in relation to a remediable value, means the scheme to which the remediable value was, or is to be, paid;

• “reformed public service pension scheme” means—

  1. (a)

     a Chapter 1 scheme;

  2. (b)

     a judicial scheme within the meaning of section 70(1) of PSPJOA 2022;

  3. (c)

     a local government scheme within the meaning of section 86(1) of PSPJOA 2022;

• “remediable benefits” means the benefits payable to or in respect of a remedy member in relation to that member’s remediable service;

• “remediable club transfer value”, in relation to a member, means the payment or acceptance by the Scheme manager of a transfer value under Part F of Schedule 1 in accordance with the public sector transfer arrangements, in so far as the transfer value relates to the member’s remediable rights;

• “remediable rights”, in relation to a member, means the member’s rights to benefits under a reformed public service pension Scheme secured by virtue of the member’s remediable service;

• “remediable transfer value”, in relation to a member, means the payment or acceptance by the Scheme manager of a transfer value under Part F of Schedule 1 which is not a remediable club transfer value;

• “remediable value” means a remediable club transfer value or a remediable transfer value;

• “sending scheme”, in relation to a remediable value, means the scheme which paid, or is to pay, the remediable value.

Where a provision of this Part requires the Scheme manager to calculate a club transfer value or a transfer value (including a remediable club transfer value or a remediable transfer value) in relation to rights secured in a pension scheme, that value is to be calculated in accordance with—

For the purposes of this Part, any rule or condition in Part F of Schedule 1 or the public sector transfer arrangements relating to the time within which a transfer value payment must be made or accepted that would otherwise prevent any payments being made or accepted under this Part, is treated as complied with or met.