Paragraph 57 Pension benefits and lump sum benefits in relation to a remediable valueF1
This paragraph applies in relation to any benefits that have been paid in relation to a remediable value accepted in relation to an immediate choice member (“M”).
Where, at the operative time—
the aggregate of benefits that (after taking into account the effect, if any, of paragraph 56) have been paid under the legacy scheme to any person (“the beneficiary”) in respect of the remediable value, exceeds
the aggregate of the benefits to which (after taking into account the effect, if any, of paragraphs 53, 54 and 55 in relation to the rights) the beneficiary is entitled under the Scheme in respect of the remediable value,
the beneficiary must pay an amount equal to the difference to the Scheme.
Where, at the operative time—
the amount mentioned in sub-paragraph (2)(a), is less than
the amount mention in sub-paragraph (2)(b),
the Scheme manager must pay an amount equal to the difference to the beneficiary.
In this paragraph, “the operative time” means—
if an immediate choice decision is made in relation to M’s remediable service, the time that the decision is made;
otherwise, the end of the section 6 election period in relation to M.
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