Legislation – The Teachers’ Pension Scheme (Remediable Service) Regulations (Northern Ireland) 2023
Changes to legislation:
There are currently no known outstanding effects for The Teachers’ Pension Scheme (Remediable Service) Regulations (Northern Ireland) 2023, Section 39.
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PART 5Voluntary contributions
CHAPTER 3Deferred choice members
SECTION 2Provision about remediable voluntary contributions on the entry into force of section 2(1) of PSPJOA 2022
Agreement to waive payment of a compensatable amount
39.
(1)
This regulation applies in relation to rights to reformed scheme flexibilities in respect of which an RVC election is made under regulation 29(5)(c).
(2)
The scheme manager and M may agree to waive the compensatable amount otherwise owed under regulation 38(4)(a).
(3)
Such an agreement—
(a)
must be in writing, and
(b)
must provide that the waiver ceases to apply where—
(i)
the end of the section 10 election period in relation to the remediable teacher service has passed without a deferred choice decision having been made in relation to that service, or
(ii)
a deferred choice decision is made in relation to that service.
(4)
The agreement must provide that, where a waiver ceases to apply by virtue of the circumstances mentioned in paragraph (3) and the benefits payable in relation to M’s remediable teacher service are—
(a)
legacy scheme benefits, the scheme manager owes M or, where M is deceased, to M’s personal representatives the compensatable amount mentioned in paragraph (2);
(b)
reformed scheme benefits—
(i)
the scheme manager must, having consulted the scheme actuary, confer rights under the reformed scheme equivalent to the reformed scheme flexibilities mentioned in paragraph (1), and
(ii)
any right to payment of the compensatable amount is extinguished.
(5)
An agreement under this regulation may not be varied.