Regulation 37 Transfers in before 1 October 2023I1

England and Wales

(1)

This regulation applies in relation to each payment of a remediable transfer value in respect of a member (“M”) which was accepted by the scheme manager before 1 October 2023.

(2)

The scheme manager, having consulted the scheme actuary, must determine M’s—

(a)

overall rights in relation to the remediable transfer value in the legacy scheme;

(b)

benefits if the remediable transfer value, together with any payment accepted under paragraph (3), were applied in respect of rights in the 2015 scheme.

(3)

Where the sending scheme was a public service pension scheme, the scheme manager may accept a payment—

(a)

in respect of the remediable rights to which the remediable transfer value relates, and

(b)

which is made by the sending scheme pursuant to, or to provision made under, the PSPJOA 2022.

(4)

A payment accepted under paragraph (3) is to be used for the purpose of determining M’s benefits under a firefighters’ pension scheme on the same terms as the remediable transfer value.

Annotations

Commencement

I1: Reg. 37 in force at 1.10.2023, see reg. 1(3)