OpenLegislation

Regulation 29 Arrangements other than a pension sharing order: calculating the value of pension benefitsI1

England and Wales

(1)

This regulation applies where—

(a)

the value of the remediable rights of a member (“M”) must be determined for the purpose of proceedings connected to M’s F1divorce or annulment or the dissolution of M’s civil partnership,

(b)

the divorce, annulment or dissolution is to take effect—

(i)

on or after 1 October 2023, and

(ii)

before the earlier of—

(aa)

a decision taking effect in relation to M’s remediable service, or

(bb)

the end of the relevant election period, and

(c)

the value of M’s remediable rights is not to be subject to a pension sharing order.

(2)

The value of M’s remediable rights for the purpose of the proceedings is the greater of those rights valued by the scheme manager, having consulted the scheme actuary, as if they were—

(a)

secured in M’s legacy scheme, or

(b)

secured in the 2015 scheme.

(3)

In this regulation—

  • “decision” (“penderfyniad”) means an immediate choice decision or a deferred choice decision;

  • “pension sharing order” (“gorchymyn rhannu pensiwn”) means an order or provision which attracts section 29 of WRPA 1999 in relation to M’s remediable rights;

  • “relevant election period” (“cyfnod dewisiad perthnasol”) means, where M is—

    1. (a)

      a deferred choice member, the section 10 election period in relation to M;

    2. (b)

      an immediate choice member, the section 6 election period in relation to M;

  • “remediable rights” (“hawliau rhwymedïol”) means the rights secured by virtue of M’s remediable service.

Annotations

Textual amendments

F1

Words in reg. 29(1)(a) substituted (21.10.2024) by The Firefighters’ Pension Schemes (Miscellaneous Amendments) (Wales) Regulations 2024 (S.I. 2024/972), regs. 2, 4(4)

Commencement

I1

Reg. 29 in force at 1.10.2023, see reg. 1(3)