42.—(1) This regulation applies in relation to each remediable club transfer value in respect of a member (“M”) which was accepted by the scheme manager before 1 October 2023.
(2) The scheme manager may accept an adjustment in the value of a remediable club transfer value—
(a)in respect of the remediable rights to which the remediable club transfer value relates, and
(b)which is made by the sending scheme pursuant to, or to provision made under, the PSPJOA 2022.
(3) An adjustment accepted under paragraph (2) is to be used for the purpose of determining M’s benefits under a firefighters’ pension scheme on the same terms as the remediable club transfer value.
(4) The scheme manager, having consulted the scheme actuary, must determine—
(a)M’s overall rights in relation to the remediable transfer value in the legacy scheme;
(b)M’s benefits if the remediable club transfer value, together with any adjustment accepted under paragraph (2), were applied in respect of rights in the 2015 scheme.