Legislation – The Teachers’ Pension Scheme (Remediable Service) Regulations (Northern Ireland) 2023
PART 6Transfers
CHAPTER 2Transfers on a cash equivalent basis
SECTION 1Transfers before 1st October 2023
Transfers out before 1st October 2023
46.
(1)
This regulation applies in relation to each member (“M”) in respect of whom the scheme manager paid a remediable transfer value before 1st October 2023.
(2)
The scheme manager, having consulted the scheme actuary, must calculate the transfer value of M’s remediable rights as if they were secured in—
(a)
M’s legacy scheme;
(b)
the reformed scheme.
(3)
The scheme manager must notify the receiving scheme of the results of the calculation mentioned in paragraph (2).
(4)
Where—
(a)
the greater of the amounts calculated under paragraph (2) (“x”) is greater than
(b)
the amount of the remediable transfer value (“y”),
the scheme manager must take reasonable steps to pay the receiving scheme an amount equal to x – y.
(5)
A payment made under paragraph (4) is subject to the same conditions as the remediable transfer value.
(6)
Where—
(a)
paragraph (4) applies, and
(b)
the scheme manager, having taken reasonable steps, is unable to make the payment required by that paragraph,
the scheme manager owes M or, where M is deceased, M’s personal representatives an amount by way of compensation equal to x – y (“the compensatable amount”) reduced in accordance with paragraph (7).
(7)
Where, if the compensatable amount was paid immediately after the requirement to pay it arose, the payment—
(a)
(b)
Transfers in before 1st October 2023
47.
(1)
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.
(2)
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—
(a)
M’s legacy scheme;
(b)
the reformed scheme.
(3)
Where the sending scheme was a reformed public service pension scheme, the scheme manager may accept a payment—
(a)
in respect of the remediable rights to which the remediable transfer value relates, and
(b)
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
(4)
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.
SECTION 2Transfers on or after 1st October 2023
Application of Section 2
48.
This Section applies in respect of a deferred choice member (“M”) where no pension benefits have become payable in relation to M’s remediable teacher service.
Transfers out on or after 1st October 2023
49.
(1)
This regulation applies to a remediable transfer value paid in relation to M by the scheme manager on or after 1st October 2023.
(2)
The scheme manager, having consulted the scheme actuary, must calculate the transfer value of M’s remediable rights as if those rights had been in—
(a)
M’s legacy scheme;
(b)
the reformed scheme.
(3)
The amount of the remediable transfer value is the greater of the amounts calculated under paragraph (2).