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The Public Service (Civil Servants and Others) Pensions (Remediable Service) Regulations 2023

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

Lump sum purchase of added pension

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27.—(1) This regulation applies in relation to added pension rights secured by a lump sum voluntary contribution made by a remedy member (“M”) during the period of M’s remediable service (“the remediable voluntary contribution”).

(2) The scheme manager must—

(a)as soon as practicable after 1st October 2023, and

(b)having consulted the scheme actuary,

determine the equivalent value of the added pension rights that would have been secured in the alternative scheme if the remediable voluntary contribution had been paid to the alternative scheme in the same relevant pension year in which the remediable voluntary contribution was paid (“the alternative added pension value”).

(3) Paragraph (4) applies where—

(a)M is a deferred choice member, and

(b)the added pension rights mentioned in paragraph (1) are rights to alpha added pension.

(4) Where this paragraph applies—

(a)the rights to alpha added pension secured by the remediable voluntary contribution are extinguished, and

(b)the scheme manager must confer rights to PCSPS added pension that are of equivalent value to the alternative added pension value.

(5) Paragraph (6) applies where—

(a)M has rights to PCSPS added pension (whether or not by virtue of paragraph (4)), and

(b)the benefits payable in relation to M’s remediable service are alpha benefits by virtue of—

(i)a section 6 election (including a deemed section 6 election), or

(ii)a section 10 election.

(6) Where this paragraph applies, the scheme manager must, having consulted the scheme actuary, vary M’s rights to PCSPS added pension so that they are equivalent to added pension rights that would have been secured under alpha if the remediable voluntary contribution had been paid to alpha in the same relevant pension year in which the remediable voluntary contribution was paid.

(7) In this regulation—

“alternative scheme” means—

(a)

in relation to added pension rights secured or treated as secured in alpha, the PCSPS;

(b)

in relation to added pension rights secured or treated as secured in the PCSPS, alpha;

“relevant pension year” has the meaning given in direction 5(16)(c)(i) of the PSP Directions 2022.

Yn ôl i’r brig

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