Paragraph 50 Club transfers out on or after 1st October 2023F1

(1)

This paragraph applies in relation to a remediable club transfer value to be paid by the Scheme manager on or after 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 the legacy 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 amount of the remediable club transfer value is the greater of the amounts calculated under sub-paragraph (2).

(4)

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

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