Legislation – The National Health Service Pension Schemes (Remediable Service) (Scotland) Regulations 2023
PART 5Divorce or the dissolution of a civil partnership
Pension credits: valuation of pension benefits before 1st October 2023: pension credit adjustment: remediable service shareable rights in the legacy scheme only or the 2015 scheme only
33.
(1)
(a)
(b)
(i)
the legacy scheme, or
(ii)
the 2015 scheme.
(2)
Paragraphs (3) and (4) apply where CM has a pension credit, in respect of DM’s remediable service shareable rights, in the legacy scheme but does not have a pension credit, in respect of DM’s remediable service shareable rights, in the 2015 scheme.
(3)
Where this paragraph applies, the scheme manager, after having regard to the advice of the scheme actuary, must determine a valuation of pension benefits, in respect of DM’s remediable service shareable rights, as though DM’s remediable service on or before the day before the transfer day had been in the 2015 scheme.
(4)
Where—
(a)
the valuation of pension benefits determined under paragraph (3) is greater than
(b)
the valuation of pension benefits, in respect of DM’s remediable service shareable rights in the legacy scheme on or before the day before the transfer day,
the scheme manager, after having regard to the advice of the scheme actuary, must adjust CM’s legacy scheme pension credit to take account of the difference between the valuations referred to in sub-paragraphs (a) and (b).
(5)
Paragraphs (6) and (7) apply where CM has a pension credit, in respect of DM’s remediable service shareable rights in the 2015 scheme but does not have a pension credit, in respect of DM’s remediable service shareable rights, in the legacy scheme.
(6)
Where this paragraph applies, the scheme manager, after having regard to the advice of the scheme actuary, must determine a valuation of pension benefits, in respect of DM’s remediable service shareable rights, as though DM’s remediable service on or before the day before the transfer day had been in the legacy scheme.
(7)
Where—
(a)
the valuation of pension benefits determined under paragraph (6) is greater than
(b)
the valuation of pension benefits, in respect of DM’s remediable service shareable rights in the 2015 scheme on or before the day before the transfer day,
the scheme manager, after having regard to the advice of the scheme actuary, must adjust CM’s legacy scheme pension credit to take account of the difference between the valuations referred to in sub-paragraphs (a) and (b).
(8)
An adjustment made under paragraph (4) or (7) has effect as though it had been made on the transfer day.
(9)
The scheme manager must make the adjustment referred to in paragraph (4) or (7) (whichever is relevant)—
(a)
where the scheme manager discharged their liability under section 33(1) of the 1999 Act (time for discharge of liability in respect of a pension credit) before 1 October 2023—
(i)
before 1 October 2024, or
(ii)
on such later date as the scheme manager considers reasonable in all the circumstances of the case, or
(b)
as soon as reasonably practicable after the day on which the scheme manager discharges their liability under that section where the scheme manager does so after 30 September 2023.
(10)
Where paragraph (9) applies, the scheme manager must send a notice in writing to CM specifying—
(a)
the adjusted pension credit, and
(b)
in which scheme the adjusted pension credit is retained.
(11)
The scheme manager must send the notice referred to in paragraph (10) to CM within one month beginning with the day after the day on which the scheme manager made the adjustment under paragraph (4) or (7).