Regulation 50 Club transfers out before 1st October 2023I1
England and Wales
This regulation applies in relation to each member (“M”) in respect of whom the scheme manager paid a remediable club transfer value before 1st October 2023.
The scheme manager must calculate the following amounts—
the club transfer value of M’s rights under a teacher pension scheme as if M’s remediable rights had been secured in M’s legacy scheme;
the club transfer value of M’s rights under a teacher pension scheme as if M’s remediable rights had been secured in the reformed scheme.
The scheme manager must provide to the receiving scheme the result of the calculations mentioned in paragraph (2).
Where the receiving scheme is a local government scheme (within the meaning of section 86(1) of PSPJOA 2022), and—
the greater of the amounts calculated under paragraph (2) (“x”) is greater than
the amount of the remediable transfer value (“y”),
the scheme manager must pay the receiving scheme an amount equal to x – y.
A payment made under paragraph (4) is subject to the same conditions as the remediable club transfer value.