Regulation 47 Transfers in before 1st October 2023I1
England and Wales
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 1st October 2023.
The scheme manager, having consulted the scheme actuary, must determine the amount of pension M is entitled to count if the remediable transfer value together with any payment accepted under paragraph (3) were applied in respect of rights in—
M’s legacy scheme;
the reformed scheme.
Where the sending scheme was a reformed public service pension scheme, the scheme manager may accept a payment—
in respect of the remediable rights to which the remediable transfer value relates, and
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
A payment accepted under paragraph (3) is to be used for the purpose of determining the amount of pension M is entitled to count under a teacher pension scheme on the same terms as the remediable transfer value.