Paragraph 55 Treatment of rights secured by virtue of transferred in remediable rightsF1

(1)

This paragraph applies where the Scheme manager has accepted a remediable value in relation to a remedy member (“M”).

(2)

Sub-paragraph (3) applies where the Scheme manager has accepted payments to which paragraphs 53 or 54 apply.

(3)

The Scheme manager must confer rights to benefits under Part F of Schedule 1 in relation to the remediable value that are equivalent to the rights that would have been secured if the remediable value had been transferred into this Scheme in the same relevant pension year in which the remedy period transfer value was accepted by the Scheme manager of the reformed scheme.

(4)

Sub-paragraph (5) applies where—

(a)

the benefits payable to or in respect of M’s remediable service are reformed scheme benefits by virtue of an immediate choice decision under paragraph 9(1)(a) or a deferred choice decision under paragraph 13(1)(a) (including, in either case, a deemed election), and

(b)

the rights to benefits payable in relation to M’s remediable value would otherwise be legacy scheme benefits.

(5)

Where this paragraph applies, the Scheme manager must—

(a)

have regard to the advice of the Scheme actuary where the remediable value is a remediable transfer value under paragraphs 44 or 53, together with any payment accepted under paragraph 44(3);

(b)

vary the value of those rights so that they are of an equivalent value to rights M would have secured under the reformed scheme if the remediable value had been transferred into that Scheme in the same relevant pension year that the remediable value was accepted.

(6)

In this Chapter—

(a)

“relevant pension year” has the meaning given by direction 5(16)(c)(i) of the PSP Directions 2022.

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