Legislation – The Firefighters’ Pensions (Remediable Service) Regulations 2023
Part 9Liabilities and payment
Chapter 2Interest, compensation and netting off
Indirect compensation59.
(1)
This regulation applies where, pursuant to an application under regulation 60, the scheme manager determines that an immediate choice member (“M”) has incurred a compensatable loss27 that is a Part 4 tax loss28 (a “relevant loss”).
(2)
M is not to be paid an amount under section of PSPJOA 2022 by way of compensation in respect of the relevant loss.
(3)
Instead, the amount of benefit payable under a firefighters’ pension scheme is to be increased to reflect the amount of the relevant loss in such manner as determined by the scheme manager in accordance with direction 10(2) to (4) of the PSP Directions 2022.