Legislation – The National Health Service Pension Schemes (Remediable Service) Regulations 2023
Changes to legislation:
There are currently no known outstanding effects for The National Health Service Pension Schemes (Remediable Service) Regulations 2023, Section 15.
Changes to Legislation
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PART 4Voluntary contributions
Elections to pay contributions for additional pension: where they must be treated as if paid under a corresponding option exercised under the 1995 Regulations or the 2008 Regulations
15.
(1)
This regulation applies to a deferred choice member where, during the remedy period, one or both of the following occurred—
(a)
the member’s additional pension account was credited with an amount of additional pension in accordance with 2015 regulation 62;
(b)
the member paid contributions in respect of an additional pension election in accordance with 2015 regulation 64.
(2)
Where this regulation applies—
(a)
all the member’s rights secured by the credit or payment of contributions mentioned in paragraph (1) are extinguished, and
(b)
those contributions must be treated as if they had been paid in the relevant scheme year in which they were paid under a corresponding option exercised under the 1995 Regulations or the 2008 Regulations.
(3)
For the purposes of this regulation, the reference to “£5,000” in paragraph (7) of 1995 regulation Q8, 2008 regulation 2.C.8 and 2008 regulation 3.C.6 is to be read as if it were a reference to “£12,079”.
(4)
Paragraph (5) applies where the member’s contributions are treated as if they had been paid under a corresponding option in accordance with paragraph (2)(b).
(5)
Where this paragraph applies, the scheme manager must, after having regard to the advice of the scheme actuary, take those contributions into account when making one or both of the determinations mentioned in paragraph (6).
(6)
For the purposes of paragraph (5), the determinations are—
(a)
whether the scheme manager is prohibited from accepting an election from a member under regulation 55(2) of the 2015 Regulations (election to pay contributions for additional pension) in so far as the effect of accepting it would be to provide the member with one or more pensions which exceeds, or in aggregate exceed, the overall limit that applies to such provision under regulation 61 of those Regulations (overall limit on extra pension) for providing additional pensions, and
(b)
whether the scheme manager is prohibited from accepting an election from a member under regulation 43(1) of the 2015 Regulations (eligibility to make buy-out election) because the value of the actuarial reduction bought out exceeds the greater of the first and second amounts in regulation 46(3) of those Regulations (overall limit on extra pension).