Regulation 50 Adjustments for pension debit members where a legacy scheme election is madeI1

United Kingdom

(1)

This regulation applies where—

(a)

a legacy scheme election is made in respect of P,

(b)

an immediate detriment remedy is obtained in relation to P’s remediable service, or

(c)

this Part applies by virtue of regulation 46(2).

(2)

At the end of the relevant period, the scheme manager must adjust the value of P’s shareable rights in P’s judicial legacy scheme as the scheme manager, after consultation with the scheme actuary, considers appropriate having regard to—

(a)

the cash equivalent of P’s shareable rights in P’s judicial legacy scheme in respect of P’s remediable service or relevant service from 1st April 2015 to the day before the transfer day,

(b)

the percentage value or the amount to be transferred specified in the pension sharing order in respect of the 2015 scheme, and

(c)

the provisions of sections 29 (creation of pension credits and debits) and 31 (reduction of benefit) of WRPA 1999.

(3)

The adjustment made under paragraph (2) has effect from the transfer day.

Annotations

Commencement

I1: Reg. 50 in force at 5.7.2023, see reg. 1(b)