The Judicial Pensions Regulations 2022

CHAPTER 1 Preliminary

Application of Part

109.  This Part—

(a) supplements the rights conferred by or under Chapter 1 (transfer values) of Part 4ZA of PSA 1993(1) and is without prejudice to that Chapter; and

(b) supplements the rights conferred by or under Chapter 2 (early leavers: cash transfer sums and contribution refunds) of Part 4ZA of PSA 1993 and is without prejudice to that Chapter.

Interpretation of Part

110.  In this Part—

“cash equivalent” means an amount calculated in accordance with regulations made under section 97 (calculation of cash equivalents) of PSA 1993(2);

“guarantee date” has the meaning given in regulation 113;

“guaranteed cash equivalent” means, in relation to calculating the transfer value of accrued rights to benefits under this scheme, the cash equivalent of those benefits as at the guarantee date, as specified in a statement of entitlement;

“statement of entitlement” means, in relation to an active or deferred member’s accrued rights to benefits under this scheme, a statement by the scheme manager of the cash equivalent of those benefits as at the guarantee date;

“transfer value” means an amount equal to—

(a)

the guaranteed cash equivalent of the accrued rights to benefits under this scheme; or

(b)

the guaranteed cash equivalent together with any increase payable under regulation 115.

(1)

Part 4ZA was inserted by paragraph 8 of Schedule 4 to the Pension Schemes Act 2015 (c. 8).

(2)

Section 97 was amended by the Pensions Act 1995 (c. 26) Schedule 6 paragraph 4 and the Child Support, Pensions and Social Security Act 2000 (c. 19) Schedule 5 paragraph 8.