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

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Remediable club transfer value payments made before 1st October 2023

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49.—(1) This regulation applies in relation to each member (“M”) in respect of whom the scheme manager paid a remediable club transfer value before 1st October 2023.

(2) Where this regulation applies, the scheme manager must calculate the transfer value of M’s remediable rights as if they had been secured in—

(a)the 1995 Section or the 2008 Section (whichever is relevant);

(b)the 2015 scheme.

(3) The scheme manager must provide to the receiving scheme—

(a)the result of the calculations mentioned in paragraph (2); and

(b)such further information as the receiving scheme may require in relation to M’s remediable rights.

(4) Where the receiving scheme is a local government pension scheme (within the meaning of section 86(1) of PSPJOA 2022), and—

(a)the greater of the amounts calculated under paragraph (2) (“x”) is greater than

(b)the amount of the remediable club transfer value (“y”),

the scheme manager must pay the receiving scheme an amount equal to x – y.

(5) A payment made under paragraph (4) is subject to the same conditions as the remediable club transfer value.

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