Regulation 19 Meaning of “alternative amount”I1

“Alternative amount” means—

In paragraph (1)(b)—

• “legacy scheme amount” means, where an initial amount was determined in relation to—

  1. (a)

     a percentage value to be transferred from both the legacy scheme and the reformed scheme, the amount that would have been determined applying—

     1. (i)

        in relation to pre-taper remediable relevant benefits, the legacy scheme percentage value, and

     2. (ii)

        in relation to post-taper remediable relevant benefits, the reformed scheme percentage value,

     under section 29(2) of WRPA 1999 on the valuation day if all of the remediable relevant benefits had been secured in the legacy scheme,

  2. (b)

     an amount to be transferred from both the legacy scheme and the reformed scheme, the amount equal to the implied percentage of the cash equivalent of the remediable relevant benefits on the valuation day determined as if all the remediable relevant benefits had been secured in the legacy scheme,

• “reformed scheme amount” means, where the initial amount was determined under section 29(2) of WRPA 1999 in relation to—

  1. (a)

     a percentage value to be transferred from both the legacy scheme and the reformed scheme, the amount that would have been determined applying—

     1. (i)

        in relation to pre-taper remediable relevant benefits, the legacy scheme percentage value, and

     2. (ii)

        in relation to post-taper remediable relevant benefits, the reformed scheme percentage value,

     under section 29(2) of WRPA 1999 on the valuation day if all of the remediable relevant benefits had been secured in the reformed scheme,

  2. (b)

     an amount to be transferred from both the legacy scheme and the reformed scheme, an amount equal to the implied percentage of the cash equivalent of the remediable relevant benefits on the valuation day determined as if all the remediable relevant benefits had been secured in the reformed scheme.

In this regulation—

• “implied percentage”, in relation to the value of benefits under a teacher pension scheme, means the percentage that an initial amount determined under section 29(3) of WRPA represented of the cash equivalent of the remediable relevant benefits under that scheme on valuation day,

• “legacy scheme percentage value” means the percentage value specified in a relevant pension sharing arrangement in relation to D’s legacy scheme for the purpose of determining an amount under section 29(2) of WRPA 1999,

• “post-taper remediable relevant benefits” means remediable relevant benefits to which a corresponding pension debit member (“D”) is entitled by virtue of remediable shareable rights secured by virtue of D’s remediable teacher service after D’s tapered protection closing date,

• “pre-taper remediable relevant benefits” means remediable relevant benefits to which D is entitled by virtue of remediable shareable rights secured by virtue of D’s remediable teacher service on or before D’s tapered protection closing date,

• “reformed scheme percentage value” means the percentage value specified in a relevant pension sharing arrangement in relation to the reformed scheme for the purpose of determining an amount under section 29(2) of WRPA 1999,

• F2...

• “tapered protection closing date”, in relation to D, has the meaning given in paragraph 5 of schedule 3 to the 2014 Regulations.