34.—(1) This regulation applies in relation to any benefits that have been paid to or in respect of the remediable added pension rights of an immediate choice member.
(2) Where, at the operative time—
(a)the aggregate of benefits that (after taking into account the effect, if any, of regulation 33(2)) have been paid under the PCSPS to any person (“the beneficiary”) in respect of M’s remediable additional rights, exceeds
(b)the aggregate of the benefits to which (after taking into account the effect, if any, of regulations 27(6), 28(4), 29(2) and 32(1)) the beneficiary is entitled under the scheme in respect of the rights,
the beneficiary must pay an amount equal to the difference to the scheme.
(3) Where, at the operative time—
(a)the amount mentioned in paragraph (2)(a), is less than
(b)the amount mentioned in paragraph (2)(b),
the scheme manager must pay an amount equal to the difference to the beneficiary.
(4) In this regulation, “the operative time” means—
(a)if an immediate choice decision is made in relation to M’s remediable service, the time the decision is made;
(b)otherwise, the end of the section 6 election period in relation to M.
Commencement Information
I1Reg. 34 in force at 1.10.2023, see reg. 1(b)