Legislation – The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations 2023
Changes to legislation:
There are currently no known outstanding effects for The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations 2023, Section 24.
Changes to Legislation
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PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 3Information provided on or after 1st October 2023
Information provided on or after 1st October 2023: recalculating D’s reduction of benefit
24.
(1)
This regulation applies where D’s remediable relevant benefits are to be reduced in relation to a pension debit calculated under regulation 23(3).
(2)
The scheme manager must determine the alternative reduction amount in relation to D’s remediable relevant benefits—
(a)
as soon as reasonably practicable after the transfer day, and
(b)
having consulted the scheme actuary.
(3)
The “alternative reduction amount” is such amount as the scheme manager considers appropriate having regard to—
(a)
the cash equivalent of D’s remediable relevant benefits on valuation day as if they had been remediable relevant benefits secured in—
(i)
where the pension debit mentioned in paragraph (1) was calculated on the basis of the PCSPS cash equivalent, alpha;
(ii)
where the pension debit was calculated on the basis of the alpha cash equivalent, the PCSPS;
(b)
the percentage value or the amount to be transferred specified in the relevant pension sharing order, and
(c)
the provisions of sections 29 and 31 of WRPA 1999.