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93.—(1) Regulation 230 (Calculation of transferred-in pensionable service) is amended as provided by paragraphs (2) to (5).
(2) In the heading for “Calculation of transferred-in pensionable service”, substitute “Calculation of increase to pensionable earnings as the result of a transfer-in”.
(3) For paragraph (2), substitute—
“(2) Subject to paragraph (4), for the purposes of the calculation under paragraph (1), the benefits in respect of the transfer payment will be calculated by increasing the member’s pensionable earnings for—
(a)the financial year in which the member joined this Section of the Scheme; or
(b)the financial year in which the transfer payment is received if the payment is received more than 12 months after the day on which the member joined this Section of Scheme (“the starting day”).”
(4) In paragraph (3)(b), after “payments)” insert “equal to the amount of the transfer payment”.
(5) After paragraph (6), add—
“(7) In the case of a 2008 Section Optant, this regulation is subject to regulation 260J.”.
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