Legislation – The Health and Social Care Pension Schemes (Remediable Service) Regulations (Northern Ireland) 2023
Changes to legislation:
There are currently no known outstanding effects for The Health and Social Care Pension Schemes (Remediable Service) Regulations (Northern Ireland) 2023, Section 30.
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PART 5Divorce or the dissolution of a civil partnership
Valuation of pension benefits on or after 1st October 2023
30.
(1)
This regulation applies to a remedy member (“M”) where—
(a)
M is a deferred choice member or an immediate choice member; and
(b)
(2)
Paragraph (3) applies where on the valuation day—
(a)
the scheme manager has not received an immediate choice election under regulation 9 or a deferred choice election under regulation 12 in respect of those rights; and
(b)
the immediate choice election period or the deferred choice election period has not ended.
(3)
The scheme manager must determine—
(a)
an aggregated legacy scheme valuation of pension benefits in respect of—
(i)
non-remediable service shareable rights, and
(ii)
remediable service shareable rights; and
(b)
where relevant, a 2015 scheme valuation of pension benefits in respect of non-remediable service shareable rights.
(4)
For the purposes of paragraph (3)(a)(ii), the scheme manager must determine the legacy scheme valuation of pensions benefits as if M’s remediable service on the valuation day were service under—
(a)
the legacy scheme;
(b)
the 2015 scheme.
(5)
The scheme manager must provide—
(a)
an aggregated legacy scheme valuation of pension benefits determined under paragraph (3)(a) using the higher of the two valuations determined under paragraph (4); and
(b)
where relevant, a 2015 scheme valuation of pension benefits determined under paragraph (3)(b),
in accordance with regulation 2 of the 2000 Regulations.
(6)
Paragraph (7) applies where on the valuation day—
(a)
the scheme manager has received an immediate choice election under regulation 9 or a deferred choice election under regulation 12 in respect of those rights; or
(b)
no such election has been received and the immediate choice election period or the deferred choice election period has ended.
(7)
The scheme manager must determine the legacy scheme valuation of pension benefits in paragraph (3)(a)(ii), as if the M’s remediable service on the valuation day were service under—
(a)
the legacy scheme, where—
(i)
the scheme manager has not received an immediate choice election for 2015 scheme benefits under regulation 9 or a deferred choice election for 2015 scheme benefits under regulation 12 by the end of the immediate choice election period or the deferred choice election period (whichever is relevant), and
(ii)
such an election is not treated as having been made in accordance with regulation 9(6) or regulation 12(6) (whichever is relevant); or
(b)
the 2015 scheme, where—
(i)
the scheme manager has received an immediate choice election for 2015 scheme benefits under regulation 9 or a deferred choice election under regulation 12 (whichever is relevant), or
(ii)
such an election is treated by the scheme manager as having been made in accordance with regulation 9((6) or 12(6) (whichever is relevant).
(8)
In this regulation, “” means the shareable rights of a remedy member that are not remediable service shareable rights on the day before the transfer day.