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 43.
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PART 6Transfers
CHAPTER 3Transfers on a club basis
SECTION 1Club transfers before 1st October 2023
Club transfers in before 1st October 2023
43.
(1)
This regulation applies in relation to each remediable club transfer value in respect of a member (“M”) which was accepted by the scheme manager before 1st October 2023.
(2)
The scheme manager may accept an adjustment in the value of a remediable club transfer value—
(a)
in respect of the remediable rights to which the remediable club transfer value payment relates, and
(b)
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
(3)
An adjustment accepted under paragraph (2) is to be used for the purpose of determining M’s benefits under a civil service scheme on the same terms as the remediable club transfer value.
(4)
The scheme manager must determine M’s remediable benefits as if the remediable club transfer value, together with any adjustment accepted under paragraph (2), were applied in respect of rights secured in—
(a)
the PCSPS, and separately
(b)
alpha.