- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
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58.—(1) This regulation applies in the circumstances described in paragraph (2) in relation to a remedy member (“M”) who—
(a)has remediable service that is pensionable service under the legacy scheme whether or not by virtue of section 2(1) of PSPJOA 2022, and
(b)is an immediate choice member or a remedy member who died before 1st October 2023.
(2) The circumstances are that—
(a)before 1st October 2023, a benefit crystallisation event in accordance with section 216 of FA 2004(1) (benefit crystallisation events and amounts crystallised) occurred in connection with M’s entitlement to any benefits under the legacy scheme or the 2015 scheme;
(b)a later benefit crystallisation event (“later BCE”) occurs in relation to M’s entitlement to any benefits under a pension scheme that is not a pension scheme for persons in public service (“private sector scheme”);
(c)a lifetime allowance charge, or any part of such a charge, is charged in connection with the later BCE that is attributable to a relevant rectification provision; and
(d)the scheme administrator of the private sector scheme makes a successful application under section 267 of FA 2004 (application for discharge of scheme administrator’s liability for lifetime allowance charge) in respect of their liability for the lifetime allowance charge, or part of such a charge.
(3) The scheme administrator is jointly and severally liable in accordance with regulation 36(3) of the 2023 Regulations (public service scheme to be liable where private sector scheme discharged) for the lifetime allowance charge or part of such a charge mentioned in paragraph (2)(d).
(4) M’s present and future benefits must be reduced by an amount that fully reflects the amount of the lifetime allowance charge, or part of such a charge, paid by the scheme administrator and is to be calculated by reference to advice provided by the scheme actuary for that purpose.
(5) In this regulation—
“lifetime allowance charge” has the same meaning as in section 214 of FA 2004 (lifetime allowance charge);
“persons in public service” means the persons listed in section 1(2) of the Public Service Pensions Act 2013(2).
Section 216 was amended by paragraph 42 of Schedule 10 to the Finance Act 2005 (c. 7). There are other amendments but none is relevant.
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