The Health and Social Care Pension Schemes (Remediable Service) Regulations (Northern Ireland) 2023

Transfer value payments in accordance with regulation 39: variation of the member’s rights on the making of a deferred choice election

40.—(1) This regulation applies to a remedy member where—

(a) the member is entitled to an additional period of pensionable service or an increase in pensionable earnings in the 1995 Section under paragraph (3), or in the 2008 Section under paragraph (4), of regulation 39; and

(b) a deferred choice election has been accepted by the scheme manager or treated as having been made in accordance with 12 (election for 2015 scheme benefits: deferred choice members and deceased members).

(2) Where this regulation applies and the scheme manager determines that the benefits to be paid to or in respect of the remedy member for the member’s remediable service are to be determined in accordance with the 2015 Regulations, the scheme manager must, after having regard to the advice of the scheme actuary, vary the member’s rights to benefits in respect of the additional period of pensionable service or increase in pensionable earnings referred to in paragraph (1) so that those rights are of an equivalent value to the rights the member would have secured if the transfer payment or transfer value payment (whichever is relevant) had been accepted for the purposes of 2015 regulation 142.