The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2023

Amendments to definitions N.I.

8.  In Schedule 1 (interpretation)—

(a) for the definition of “revaluation adjustment”(1), substitute—

““revaluation adjustment” means—

(a)

in the case of a balance transferred under a Club Transfer, the adjustment that would have applied to that balance if it had not been transferred and which is applied to the balance on the same day as the percentage increase or decrease referred to in paragraph (b); and

(b)

in any other case the percentage specified as the change in prices in relation to the Scheme set out in the relevant Treasury Order made under section 9(2) of the Public Service Pensions Act (Northern Ireland) 2014 in relation to the previous Scheme year which applied to a sum in a pension account;”; and

(b) after the definition of “revaluation adjustment” insert—

““revaluation date” means 6th April;”.

Commencement Information

I1 Reg. 8 in operation at 12.6.2023 with effect in accordance with reg. 1(2), see reg. 1(1)

(1)

This definition was substituted by regulation 81(d) of S.R. 2019 No. 206