The National Health Service Superannuation and Pension Schemes (Miscellaneous Amendment) (Scotland) Regulations 2024

Amendment of schedule 7

55.—(1) Schedule 7 (pension accounts) is amended as follows.

(2) In paragraph 1 (interpretation)—

(a) for the definition of “index adjustment” substitute—

““index adjustment” means—

(a)

in relation to the opening balance of earned pension for a scheme year (other than the opening balance of club transfer earned pension), the percentage increase or decrease in prices specified in an order (in respect of the NHS Pension Scheme (Scotland) 2015) made by the Treasury under section 9(2) of the 2013 Act in relation to the previous scheme year, plus 1.5%; and

(b)

in relation to the opening balance of club transfer earned pension for a scheme year, the adjustment that is—

(i)

equal to the adjustment that would apply to the opening balance of that amount of earned pension under the sending scheme for the previous scheme year, and

(ii)

applied to the opening balance of club transfer earned on the date that the order (in respect of the NHS Pension Scheme (Scotland) 2015) made by the Treasury under section 9(2) of the 2013 Act in relation to the previous scheme year, has effect.”,

(b) in the definition of “AP index adjustment, after “in an order”, insert “(in respect of the NHS Pension Scheme (Scotland) 2015”.

(3) In paragraph 3 (meaning of “leaver index adjustment”)—

(a) in sub-paragraph (1), in Step 1, after “in an order”, insert “(in respect of the NHS Pension Scheme (Scotland) 2015)”,

(b) for sub-paragraph (2), substitute—

“(2) Subject to sub-paragraph (2A), the leaver index adjustment for an amount of club transfer accrued earned pension is—

(a) equal to the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member’s account at the end of the relevant last day, and

(b) applied to the amount of club transfer earned pension at the end of the relevant last day on the date that the order (in respect of the NHS Pension Scheme (Scotland) 2015) made by the Treasury under section 9(2) of the 2013 Act in relation to the previous scheme year, has effect.”.

(4) In paragraph 4 (meaning of “leaver AP index adjustment”), in sub-paragraph (2)(b), after “in an order”, insert “(in respect of the NHS Pension Scheme (Scotland) 2015)”.