Legislation – The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations (Northern Ireland) 2023
PART 5Voluntary contributions
CHAPTER 1Added pension
Interpretation of Chapter 1
26.
In this Chapter—
“added pension rights” means rights to alpha added pension or PCSPS(NI) added pension;
“alpha added pension” means benefits secured under Part 2 of Schedule 1 to the 2014 Regulations;
“PCSPS(NI) added pension” means benefits secured under—
(a)
rule C1.1 or C1.2 of Section I;
(b)
Section 14 of Section II;
(c)
rule D.4 or D.5 of Section III;
“periodic arrangement” means an arrangement under which a remedy member secures added pension rights by virtue of periodic voluntary contributions.
Lump sum purchase of added pension
27.
(1)
This regulation applies in relation to added pension rights secured by a lump sum voluntary contribution made by a remedy member (“M”
) during the period of M’s remediable service (“the remediable voluntary contribution”).
(2)
The scheme manager must—
(a)
as soon as practicable after 1st October 2023, and
(b)
having consulted the scheme actuary,
determine the equivalent value of the added pension rights that would have been secured in the alternative scheme if the remediable voluntary contribution had been paid to the alternative scheme in the same relevant pension year in which the remediable voluntary contribution was paid (“the alternative added pension value”).
(3)
Paragraph (4) applies where—
(a)
M is a deferred choice member, and
(b)
the added pension rights mentioned in paragraph (1) are rights to alpha added pension.
(4)
Where this paragraph applies—
(a)
the rights to alpha added pension secured by the remediable voluntary contribution are extinguished, and
(b)
the scheme manager must confer rights to PCSPS(NI) added pension that are of equivalent value to the alternative added pension value.
(5)
Paragraph (6) applies where—
(a)
M has rights to PCSPS(NI) added pension (whether or not by virtue of paragraph (4)), and
(b)
the benefits payable in relation to M’s remediable service are alpha benefits by virtue of—
(i)
a section 6 election (including a deemed section 6 election), or
(ii)
a section 10 election.
(6)
Where this paragraph applies the scheme manager must, having consulted the scheme actuary, vary M’s rights to PCSPS(NI) added pension so that they are equivalent to added pension rights that would have been secured under alpha if the remediable voluntary contribution had been paid to alpha in the same relevant pension year in which the remediable voluntary contribution was paid.
(7)
In this regulation—
“alternative scheme” means—
(a)
in relation to added pension rights secured or treated as secured in alpha, the PCSPS(NI);
(b)
in relation to added pension rights secured or treated as secured in the PCSPS(NI), alpha;
“relevant pension year” has the meaning given in direction 5(16)(c)(i) of the PSP Directions 2023.
Periodic arrangements for alpha added pension
28.
(1)
This regulation applies in relation to a periodic arrangement for alpha added pension (“the relevant periodic arrangement”
)—
(a)
of a member (“M”) who is—
(i)
a deferred choice member, or
(ii)
an immediate choice member in respect of whose remediable service section 2(3)(b) of PSPJOA 2022 has effect, and
(b)
which commenced during M’s period of remediable service.
(2)
The relevant periodic arrangement is to be treated on and after 1st October 2023 as if it is (and always was) a periodic arrangement for PCSPS(NI) added pension.
(3)
The rights to alpha added pension secured by payment of any voluntary contribution pursuant to the relevant periodic arrangement are extinguished.
(4)
The scheme manager must—
(a)
as soon as is practicable after 1st October 2023, and
(b)
having consulted the scheme actuary,
confer rights to PCSPS(NI) added pension that are of an equivalent value to the added pension rights that would have been secured in the PCSPS(NI) if each voluntary contribution paid to alpha pursuant to the relevant periodic arrangement had been paid to the PCSPS(NI) in the same relevant pension year in which the voluntary contribution was paid to alpha.
PCSPS(NI) added pension: treatment on a section 6 or 10 election
29.
(1)
This regulation applies where—
(a)
a remedy member (“M”) has rights to PCSPS(NI) added pension—
(i)
secured by voluntary contributions made pursuant to a periodic arrangement which commenced during the period of M’s remediable service, or
(ii)
conferred under regulation 28(4) in place of extinguished rights to alpha added pension, and
(b)
the benefits payable in relation to M’s remediable service are, by virtue of a section 6 election (including a deemed section 6 election) or a section 10 election, alpha benefits.
(2)
The scheme manager must, having consulted the scheme actuary, vary the rights to PCSPS(NI) added pension so that they are equivalent to the added pension rights that would have been secured in alpha if the voluntary contributions that originally secured the rights mentioned in paragraph (1)(a) had been paid to alpha in the same relevant pension year in which the voluntary contribution was paid.