Legislation – The Police Pensions (Remediable Service) (Scotland) Regulations 2023
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There are currently no known outstanding effects for The Police Pensions (Remediable Service) (Scotland) Regulations 2023, Cross Heading: SECTION 2.
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PART 6Transfers
CHAPTER 3Transfers on a club basis
SECTION 2Club transfers on or after 1st October 2023
Application of Section 2
40.
This Section applies in respect of a member (“M”) who is a deferred choice member, and no pension benefits have become payable in relation to M’s remediable service.
Club transfers out on or after 1st October 2023
41.
(1)
This regulation applies in relation to a remediable club transfer value payment to be made in respect of M 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).
Club transfers in on or after 1st October 2023
42.
(1)
This regulation applies in relation to a remediable club transfer value payment which is accepted by the scheme manager on or after 1st October 2023.
(2)
The scheme manager must determine—
(a)
M’s overall rights in relation to the remediable club transfer value in the legacy scheme;
(b)
M’s benefits if the remediable club transfer value were applied in respect of rights in the reformed scheme.