Transfers of remediable rights in the legacy scheme to the 2015 scheme on or after 1st October 2023 N.I.
47.—(1) This regulation applies in relation to a member (“M”) in respect of whom the scheme manager uses a legacy scheme remediable cash equivalent to acquire rights in the 2015 scheme on or after 1st October 2023.
(2) Where this regulation applies, the scheme manager must, after having regard to the advice of the scheme actuary, calculate the cash equivalent 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 amount of the legacy scheme remediable cash equivalent used to acquire rights in the 2015 scheme in respect of M is the greater of the amounts calculated under paragraph (2).
Commencement Information
I1Reg. 47 in operation at 1.10.2023, see reg. 1