Regulation 22 Information provided before 1st October 2023: recalculating D’s reduction of benefitI1
England and Wales
This regulation applies where D’s remediable relevant benefits have been reduced by an initial reduction amount.
The scheme manager must determine the alternative reduction amount or, where the relevant pension sharing order relates to mixed service, the alternative reduction amounts, in relation to D’s remediable relevant benefits—
as soon as reasonably practicable after 30th September 2023, and
having consulted the scheme actuary.
Where the relevant pension sharing order does not relate to mixed service, the “alternative reduction amount” is such amount as the scheme manager considers appropriate having regard to—
the cash equivalent of the remediable relevant benefits on the valuation day as if they had been secured in the alternative scheme,
the percentage value or the amount to be transferred specified in the relevant pension sharing order, and
the provisions of sections 29 and 31 of WRPA 1999.
Where the relevant pension sharing order relates to mixed service, the “alternative reduction amounts” are such amounts as the scheme manager considers appropriate having regard to—
the cash equivalent of the remediable relevant benefits on the valuation day as if they had all been secured in—
the legacy scheme, and separately
the reformed scheme, and
the matters mentioned in paragraph (3)(b) and (c).