Legislation – The National Health Service Pension Schemes (Remediable Service) Regulations 2023
Changes to legislation:
There are currently no known outstanding effects for The National Health Service Pension Schemes (Remediable Service) Regulations 2023, Section 46.
Changes to Legislation
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PART 6Transfers
Transfers of remediable rights in the legacy scheme to the 2015 scheme before 1st October 2023
46.
(1)
This regulation applies in relation to a member (“M”) in respect of whom the scheme manager has used a legacy scheme remediable cash equivalent to acquire rights in the 2015 scheme before 1st October 2023.
(2)
Where this regulation applies, the scheme manager must, after having regard to the advice of the scheme actuary, recalculate the cash equivalent of M’s remediable rights as if they had been secured in—
(a)
the 1995 Section or the 2008 Section (whichever is relevant);
(b)
the 2015 scheme.
(3)
Where—
(a)
the greater of the amounts calculated under paragraph (2) (“x”) is greater than
(b)
the legacy scheme remediable cash equivalent (“y”),
the scheme manager must, after having regard to the advice of the scheme actuary, use an amount equal to x – y to acquire further rights in the 2015 scheme in respect of M on the same terms as applied when M’s legacy scheme remediable cash equivalent was used to acquire rights in the 2015 scheme.