Paragraph 48 Club transfers in before 1st October 2023F1

(1)

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

(2)

The Scheme manager may accept an adjustment in the value of a remediable club transfer value—

(a)

in respect of the remediable rights to which the remediable club transfer value relates, and

(b)

which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.

(3)

An adjustment accepted under sub-paragraph (2) is to be used for the purpose of determining M’s remediable benefits on the same terms as the remediable club transfer value mentioned in sub-paragraph (1).

(4)

The Scheme manager must determine M’s remediable benefits as if the remediable club transfer value together with any adjustment accepted under sub-paragraph (2) were applied in respect of rights in—

(a)

this Scheme;

(b)

the reformed 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