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 50.
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PART 6Transfers
CHAPTER 4Treatment of rights secured by virtue of a remediable value
Varying the value of benefits secured by virtue of transferred in remediable rights
50.
(1)
Where—
(a)
M is a deferred choice member, and
(b)
M’s transferred in remediable rights are treated as rights to benefits under the PCSPS by virtue of regulation 49(1)(b),
the scheme manager must vary the value of those rights so that they are of an equivalent value to the rights M would have secured under the PCSPS if the rights had been transferred into that scheme.
(2)
A variation under paragraph (1) is to be treated as having taken effect when these Regulations come into force.
(3)
Where—
(a)
M is an immediate choice member, and
(i)
an immediate choice decision has been made that no section 6 election is to be made in relation to M’s remediable service, or
(ii)
the end of the section 6 election period in relation to M has passed and no section 6 election has been made (or deemed to have been made) in relation to M’s remediable service, and
(b)
M’s transferred in remediable rights are treated as rights to benefits under the PCSPS by virtue of regulation 49(1)(b),
the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under the PCSPS if the rights had been transferred into that scheme.
(4)
A variation under paragraph (3) is to be treated as having taken effect on the earlier of—
(a)
the time that an immediate choice decision (including a deemed section 6 election) is treated as having taken effect in relation to M’s remediable service, and
(b)
the end of the section 6 election period in relation to M.
(5)
Where—
(a)
the benefits payable to or in respect of M’s remediable service are alpha benefits by virtue of a section 6 election (including a deemed section 6 election) or a section 10 election, and
(b)
the benefits payable in relation to M’s transferred in remediable rights would otherwise be PCSPS benefits,
the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under alpha if the rights had been transferred into that scheme.
(6)
Where the scheme manager is required to vary the value of any rights under this regulation so that they are of an equivalent value to rights that would have been secured in another scheme (“the alternative scheme”), the scheme manager must—
(a)
where the rights were secured by virtue of a remediable transfer value, first consult the scheme actuary, and
(b)
calculate the varied value of the rights as if the remediable value which originally secured rights under a civil service scheme were transferred into the alternative scheme in the relevant pension year that the transfer occurred.
(7)
In paragraph (6), “relevant pension year” has the meaning given by direction 4(14)(f)(i) of the PSP Directions 2022.