Legislation – The Police Pensions (Remediable Service) Regulations (Northern Ireland) 2023
Changes to legislation:
There are currently no known outstanding effects for The Police Pensions (Remediable Service) Regulations (Northern Ireland) 2023, Section 41.
Changes to Legislation
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PART 6Transfers
CHAPTER 3Transfers on a club basis
SECTION 2Club transfers on or after 1st October 2023
Club transfers out on or after 1st October 202341.
(1)
This regulation applies in relation to a remediable club transfer value to be paid in respect of a member by the scheme manager on or after 1st October 2023.
(2)
The scheme manager must calculate the following amounts—
(a)
the club transfer value of M’s rights under a police pension scheme as if M’s remediable rights had been secured in M’s legacy scheme;
(b)
the club transfer value of M’s rights under a police pension scheme as if M’s remediable rights had been secured in the reformed scheme.
(3)
The amount of the remediable club transfer value is the greater of the amounts calculated under paragraph (2).
(4)
The scheme manager must provide to the receiving scheme the result of the calculations mentioned in paragraph (2).