Regulation 38 Treatment of rights to reformed scheme flexibilities on the entry into force of section 2(1) of PSPJOA 2022I1
England and Wales
Where this paragraph applies—
the scheme manager must confer rights to alternative legacy scheme additional pension,
the rights to reformed scheme flexibilities mentioned in paragraph (1) are extinguished, and
if the arrangement under which remediable voluntary contributions are paid to secure the reformed scheme flexibilities is continuing, any remediable voluntary contributions paid under that arrangement are to be treated as being paid to secure rights to legacy scheme additional pension.
Paragraph (4) applies in relation to rights to reformed scheme flexibilities in respect of which an RVC election is made under regulation 29(5)(b) or (c).
Where this paragraph applies—
the scheme manager owes to M or, where M is deceased, to M’s personal representatives an amount equal to the compensatable amount except in accordance with the terms of an agreement under regulation 39(2),
the rights to reformed scheme flexibilities mentioned in paragraph (3) are extinguished, and
if the arrangement under which remediable voluntary contributions are paid to secure the reformed scheme flexibilities is continuing, that arrangement is terminated.