Legislation – The Firefighters’ Pensions (Remediable Service) (Wales) Regulations 2023
Changes to legislation:
There are currently no known outstanding effects for The Firefighters’ Pensions (Remediable Service) (Wales) Regulations 2023, Section 22.
Changes to Legislation
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PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 2Pension sharing orders: information provided before 1 October 2023
Meaning of “alternative amount”
22.
(1)
“Alternative amount” means—
(a)
in relation to a relevant pension sharing order that does not relate to mixed service, and—
(i)
where the initial amount was determined under section 29(2) of WRPA 1999 in relation to a percentage value to be transferred from the initial scheme, the amount that would have been determined applying the relevant percentage value under section 29(2) on the valuation day if the remediable relevant benefits had been secured in the alternative scheme;
(ii)
where the initial amount was determined under section 29(3) of WRPA 1999 in relation to an amount to be transferred from the initial scheme, the amount equal to the implied percentage of the cash equivalent of the remediable relevant benefits on the valuation day determined as if the remediable relevant benefits had been secured in the alternative scheme;
(b)
in relation to a relevant pension sharing order that relates to mixed service, the greater of—
(i)
the legacy scheme amount, and
(ii)
the 2015 scheme amount.
(2)
In paragraph (1)(b)—
“2015 scheme amount” (“swm cynllun 2015”) means where the initial amount was determined in relation to—
(a)
a percentage value to be transferred from both the legacy scheme and the 2015 scheme, the amount that would have been determined applying—
- (i)
in relation to pre-taper remediable relevant benefits, the legacy scheme percentage value, and
- (ii)
in relation to post-taper remediable relevant benefits, the 2015 scheme percentage value,
under section 29(2) of WRPA 1999 on the valuation day if all of the remediable relevant benefits had been secured in the 2015 scheme;
(b)
an amount to be transferred from both the legacy scheme and the 2015 scheme, the amount equal to the implied percentage of the cash equivalent of the remediable relevant benefits on the valuation day determined as if all of the remediable relevant benefits had been secured in the 2015 scheme.
“legacy scheme amount” (“swm cynllun gwaddol”) means, where the initial amount was determined in relation to—
(a)
a percentage value to be transferred from both the legacy scheme and the 2015 scheme, the amount that would have been determined applying—
- (i)
in relation to pre-taper remediable relevant benefits, the legacy scheme percentage value, and
- (ii)
in relation to post-taper remediable relevant benefits, the 2015 scheme percentage value,
under section 29(2) F1of WRPA 1999 on the valuation day if all of the remediable relevant benefits had been secured in the legacy scheme;
(b)
an amount to be transferred from both the legacy scheme and the 2015 scheme, the amount equal to the implied percentage of the cash equivalent of the remediable relevant benefits on the valuation day determined as if all of the remediable relevant benefits had been secured in the legacy scheme;
(3)
In this regulation—
“2015 scheme percentage value” (“gwerth canrannol cynllun 2015”) means the percentage value specified in a relevant pension sharing order in relation to the 2015 scheme for the purpose of determining an amount under section 29(2) of WRPA 1999;
“implied percentage” (“canran ymhlyg”), in relation to the value of benefits under a firefighters’ pension scheme, means the percentage that an initial amount determined under section 29(3) of WRPA 1999 represented of the cash equivalent of the remediable relevant benefits on the valuation day;
“legacy scheme percentage value” (“gwerth canrannol cynllun gwaddol”) means the percentage value specified in a relevant pension sharing order in relation to D’s legacy scheme for the purpose of determining an amount under section 29(2) of WRPA 1999;
“post-taper remediable relevant benefits” (“buddion perthnasol rhwymedïol ar ôl tapro”) means the remediable relevant benefits to which a corresponding pension debit member (“D”) is entitled by virtue of remediable shareable rights secured by virtue of D’s remediable service after D’s tapered protection closing date;
“pre-taper remediable relevant benefits” (“buddion perthnasol rhwymedïol cyn tapro”) means remediable relevant benefits to which D is entitled by virtue of remediable shareable rights secured by virtue of D’s remediable service on or before D’s tapered protection closing date;
“relevant percentage value” (“gwerth canrannol perthnasol”) means—
(a)
where the relevant pension sharing order specifies a percentage value in relation to only the initial scheme for the purpose of determining an amount under section 29(2) of WRPA 1999, that percentage value;
(b)
otherwise, the percentage value that is specified in relation to the alternative scheme;
“tapered protection closing date” (“dyddiad cau diogelwch taprog”), in relation to D, has the meaning given in paragraph 3 of Schedule 2 to the 2015 Regulations.