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 28.
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 1 October 2023
Information provided on or after 1 October 2023: recalculating D’s reduction of benefit
28.
(1)
This regulation applies where D’s remediable relevant benefits are to be reduced in relation to a pension debit calculated under regulation 27(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 date, 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 the remediable relevant benefits on the 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 legacy scheme cash equivalent, the 2015 scheme;
(ii)
where the pension debit was calculated on the basis of the 2015 scheme cash equivalent, the legacy scheme,
(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.