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 31.
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PART 5Voluntary contributions
Treatment of legacy scheme added years payments
31.
(1)
This regulation applies in relation to a remediable added years payment made by a remedy member (“M”
).
(2)
The scheme manager must, as soon as reasonably practicable after 30 September 2023 and having consulted the scheme actuary, determine the “compensatable amount”, being an amount by way of compensation which is equal to—
(a)
the aggregate of all of M’s remediable added years payments, less
(b)
an amount in respect of the value of tax relief in accordance with directions 5(5) to (9) of the PSP Directions 2022.
(3)
Where a determination is made in accordance with direction 5(8) of the PSP Directions 2022, the following apply—
(a)
direction 5(10) (provision of explanation);
(b)
direction 5(11) and (12) (appeals).
(4)
Where, by virtue of a section 6 election (including a deemed section 6 election) or a section 10 election, the benefits payable in relation to M’s remediable service are 2015 scheme benefits—
(a)
the scheme manager owes M or, where M is deceased, M’s personal representatives, the compensatable amount, and
(b)
the rights to benefits that would otherwise have been secured by the remediable added years payments are extinguished.
(5)
In this regulation, a “remediable added years payment” means a payment to secure increased benefits under the 1992 Order or the 2007 Order which is—
(a)
a lump sum payment made during the period of M’s remediable service,
(b)
a periodical contribution made pursuant to an arrangement which commenced during the period of M’s remediable service, or
(c)
a lump sum payment or a periodical contribution made pursuant to a remedial arrangement under regulation 32.