Legislation – The Firefighters’ Pensions (Remediable Service) (Wales) Regulations 2023
Changes to legislation:
There are currently no known outstanding effects for The Firefighters’ Pensions (Remediable Service) (Wales) Regulations 2023, Cross Heading: SECTION 3.
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PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 3Information provided on or after 1 October 2023
Application and interpretation of Section 3
26.
(1)
This Section applies where, on or after 1 October 2023, the scheme manager provides information for the purpose of determining amounts under section 29 of WRPA 1999 in respect of a remedy member’s remediable service.
(2)
In this Section—
“2015 scheme cash equivalent” (“cyfwerth ariannol cynllun 2015”) has the meaning given in regulation 27(2)(b);
“alternative reduction amount” (“swm lleihau amgen”) has the meaning given in regulation 28(3);
“appropriate amount” (“swm priodol”) means the amount calculated for the purpose of section 29(1) of WRPA 1999;
“immediate choice pensioner member” (“aelod-bensiynwr dewis ar unwaith”) means an immediate choice member who is, immediately before these Regulations come into force, a pensioner member in relation to their remediable service;
“legacy scheme cash equivalent” (“cyfwerth ariannol cynllun gwaddol”) has the meaning given in regulation 27(2)(a).
Information provided on or after 1 October 2023: calculation of pension credits and debits
27.
(1)
This regulation applies where D is—
(a)
a deferred choice member and no pension benefits have become payable in relation to D’s remediable service, or
(b)
an immediate choice pensioner member and—
(i)
the end of the section 6 election period in relation to D has not passed, and
(ii)
no immediate choice decision has been made in relation to D’s remediable service.
(2)
For the purpose of calculating the appropriate amount, the scheme manager must determine—
(a)
the cash equivalent of D’s remediable relevant benefits on the valuation day as if those remediable relevant benefits were in D’s legacy scheme (“the legacy scheme cash equivalent”), and
(b)
the cash equivalent of those benefits on the valuation day as if they were in the 2015 scheme (“the 2015 scheme cash equivalent”).
(3)
For the purpose of calculating the pension credit and the pension debit, the scheme manager must use the greater of—
(a)
the legacy scheme cash equivalent, or
(b)
the 2015 scheme cash equivalent.
Information provided on or after 1 October 2023: recalculating D’s reduction of benefit
28.
(1)
This regulation applies where D’s remediable relevant benefits are to be reduced in relation to a pension debit calculated under regulation 27(3).
(2)
The scheme manager must determine the alternative reduction amount in relation to D’s remediable relevant benefits—
(a)
as soon as reasonably practicable after the transfer date, and
(b)
having consulted the scheme actuary.
(3)
The “alternative reduction amount” is such amount as the scheme manager considers appropriate having regard to—
(a)
the cash equivalent of the remediable relevant benefits on the valuation day as if they had been remediable relevant benefits secured in—
(i)
where the pension debit mentioned in paragraph (1) was calculated on the basis of the legacy scheme cash equivalent, the 2015 scheme;
(ii)
where the pension debit was calculated on the basis of the 2015 scheme cash equivalent, the legacy scheme,
(b)
the percentage value or the amount to be transferred specified in the relevant pension sharing order, and
(c)
the provisions of sections 29 and 31 of WRPA 1999.