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, Section 25.
Changes to Legislation
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PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 2Pension sharing orders: information provided before 1 October 2023
Information provided before 1 October 2023: recalculating D’s reduction of benefit
25.
(1)
This regulation applies where D’s remediable relevant benefits have been reduced by an initial reduction amount.
(2)
The scheme manager must determine the alternative reduction amount or, where the relevant pension sharing order relates to mixed service, the alternative reduction amounts, in relation to D’s remediable relevant benefits—
(a)
as soon as reasonably practicable after 30 September 2023, and
(b)
having consulted the scheme actuary.
(3)
Where the relevant pension sharing order does not relate to mixed service, 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 under the alternative 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.
(4)
Where the relevant pension sharing order relates to mixed service, the “alternative reduction amounts” are such amounts 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 all been secured in—
(i)
the legacy scheme, and separately
(ii)
the 2015 scheme, and
(b)
the matters mentioned in paragraph (3)(b) and (c).