Regulation 53 Adjustments for pension debit members where a 2015 scheme election is madeI1

United Kingdom

(1)

This regulation applies where a 2015 scheme election is made in respect of P.

(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 and the 2015 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 service up to and including 31 March 2015,

(b)

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

(c)

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

(d)

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. 53 in force at 5.7.2023, see reg. 1(b)