Regulation 60 Indirect compensationI1

This regulation applies where, pursuant to an application under regulation 61, the scheme manager determines that an immediate choice member (“M”) has incurred a compensatable loss^f1 that is a Part 4 tax loss^f2 (a “relevant loss”).

M is not to be paid an amount under section 23 of the PSPJOA 2022 by way of compensation in respect of the relevant loss.

Instead, the amount of benefit payable under a firefighters’ pension scheme is to be increased to reflect the amount of the relevant loss in such a manner as determined by the scheme manager in accordance with direction 10(2) to (4) of the PSP Directions 2022.