Regulation 27 Interpretation of Part 5I1

In this Part—

• “additional pension” means rights to benefits secured by virtue of an election under—

  1. (a)

     in relation to the legacy scheme, paragraph 2 of schedule 2A to the 2005 Regulations^f1,

  2. (b)

     in relation to the reformed scheme, paragraph 6 of schedule 2 to the 2014 Regulations,

• “alternative reformed scheme additional pension value” means the value of additional pension determined pursuant to regulation 28(1)(a)(i),

• “bought out standard reduction” means rights to benefits secured by virtue of an election under paragraph 31 of schedule 2 to the 2014 Regulations^f2,

• “compensatable amount” means, where an amount by way of compensation relates to remediable voluntary contributions paid to secure—

  1. (a)

     additional pension under the legacy scheme, the amount determined pursuant to regulation 28(1)(a)(ii),

  2. (b)

     reformed scheme flexibilities, the amount determined pursuant to regulation 28(1)(b)(ii),

• “faster accrual” means benefits secured by virtue of an election under paragraph 22 of schedule 2 to the 2014 Regulations,

• “reformed scheme flexibility” means additional pension, bought out standard reduction or faster accrual secured under the reformed scheme,

• “relevant pension year” has the meaning given in direction 5(16)(c)(i) of the PSP Directions 2022,

• “remediable voluntary contribution” means a voluntary contribution^f3 paid pursuant to an arrangement which commenced during the period of M’s remediable teacher service,

• “rights to alternative legacy scheme additional pension” means the rights to additional pension determined pursuant to regulation 28(1)(b)(i),

• “RVC election” has the meaning given in regulation 29(4)(c),

• “voluntary contribution” means a contribution paid by a remedy member to secure—

  1. (a)

     additional pension under the legacy scheme, or

  2. (b)

     a reformed scheme flexibility.