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 27.
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PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 3Information provided on or after 1 October 2023
Information provided on or after 1 October 2023: calculation of pension credits and debits
27.
(1)
This regulation applies where D is—
(a)
a deferred choice member and no pension benefits have become payable in relation to D’s remediable service, or
(b)
an immediate choice pensioner member and—
(i)
the end of the section 6 election period in relation to D has not passed, and
(ii)
no immediate choice decision has been made in relation to D’s remediable service.
(2)
For the purpose of calculating the appropriate amount, the scheme manager must determine—
(a)
the cash equivalent of D’s remediable relevant benefits on the valuation day as if those remediable relevant benefits were in D’s legacy scheme (“the legacy scheme cash equivalent”), and
(b)
the cash equivalent of those benefits on the valuation day as if they were in the 2015 scheme (“the 2015 scheme cash equivalent”).
(3)
For the purpose of calculating the pension credit and the pension debit, the scheme manager must use the greater of—
(a)
the legacy scheme cash equivalent, or
(b)
the 2015 scheme cash equivalent.