Legislation – The Firefighters’ Pensions (Remediable Service) Regulations 2023
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There are currently no known outstanding effects for The Firefighters’ Pensions (Remediable Service) Regulations 2023, Cross Heading: Section 2.
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Part 6Transfers
Chapter 2Transfers on a cash equivalent basis
Section 2Transfers on or after 1st October 2023
Application of Section 235.
This Section applies in respect of a member (“M”) who is—
(a)
a deferred choice member, and no pension benefits have become payable in relation to M’s remediable service as a firefighter, or
(b)
an immediate choice member, and—
(i)
the end of the section 6 election period has not passed in relation to M, and
(ii)
no immediate choice decision has been made in relation to M’s remediable service as a firefighter.
Transfers out on or after 1st October 202336.
(1)
This regulation applies to a remediable transfer value to be 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).
Transfers in from a public service pension scheme on or after 1st October 202337.
(1)
This regulation applies in relation to a remediable transfer value—
(a)
which is accepted by the scheme manager on or after 1st October 2023, and
(b)
where the sending scheme is a public service pension scheme.
(2)
The scheme manager, having consulted the scheme actuary, must determine—
(a)
M’s overall rights in relation to the remediable transfer value in the legacy scheme;
(b)
M’s benefits if the remediable transfer value were applied in respect of rights in the reformed scheme.