Legislation – The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations 2023
Changes to legislation:
There are currently no known outstanding effects for The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations 2023, Section 42.
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PART 6Transfers
CHAPTER 3Transfers on a club basis
SECTION 1Club transfers before 1st October 2023
Club transfers out before 1st October 2023
42.
(1)
This regulation applies in relation to each member (“M”) in respect of whom the scheme manager paid a remediable club transfer value before 1st October 2023.
(2)
The scheme manager must calculate the transfer value of M’s rights under a civil service scheme as if all of M’s remediable rights had been secured in—
(a)
the PCSPS, and separately
(b)
alpha.
(3)
The scheme manager must provide to the receiving scheme the result of the calculations mentioned in paragraph (2).
(4)
Where the receiving scheme is a local government scheme (within the meaning of section 86(1) of PSPJOA 2022), and—
(a)
the greater of the amounts calculated under paragraph (2) (“x”) is greater than
(b)
the amount of the remediable transfer value (“y”),
the scheme manager must pay the receiving scheme an amount equal to x – y.
(5)
A payment made under paragraph (4) is subject to the same conditions as the remediable club transfer value.