Paragraph 47 Club transfers out before 1st October 2023F1

(1)

This paragraph applies in relation to a member (“M”) in respect of whom the Scheme manager paid a remediable club transfer value before 1st October 2023.

(2)

The Scheme manager must calculate the following amounts—

(a)

the transfer value of M’s rights under the Scheme, in accordance with the public sector transfer arrangements, as if M’s remediable rights had been secured in this Scheme;

(b)

the club transfer value of M’s rights under the Scheme as if M’s remediable rights had been secured in the reformed scheme.

(3)

The Scheme manager must provide to the receiving scheme the result of the calculations mentioned in sub-paragraph (2).

(4)

Where the receiving scheme is a local government scheme (within the meaning of section 86(1) of PSPJOA 2022), and—

(a)

the greater of the amounts calculated under sub-paragraph (2) (“x”) is greater than

(b)

the amount of the remediable transfer value (“y”),

the Scheme manager must pay the receiving scheme an amount equal to x – y.

(5)

A payment made under sub-paragraph (4) is subject to the same conditions as the remediable club transfer value.

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