81. In Schedule 1 M1 (interpretation)—
(a)after the definition of “children's pension” insert—
““Club Memorandum” means—
(a)in respect of a Club Transfer completed before 1st April 2015, the memorandum published by the Cabinet Office under the title “The Public Sector Transfer Club – Memorandum by the Cabinet Office – effective from 1st March 2012;
(b)in respect of a Club Transfer completed in the period from 1st April 2015 to 28th February 2017, the memorandum published by the Cabinet Office under the title “The Public Sector Transfer Club – Memorandum by the Cabinet Office – effective from 1st April 2015; and
(c)in respect of a Club Transfer completed on or after 1st March 2017, the memorandum published by the Cabinet Office under the title “The Public Sector Transfer Club – Memorandum by the Cabinet Office – effective from 1st March 2017 or any replacement or revision thereof for the time being in force;
“Club Transfer” means a transfer of employment between members of the Public Sector Transfer Club;”;
(b)in the definition of “partner” omit “in relation to an active member”;
(c)after the definition of “permanently incapable” insert—
““Public Sector Transfer Club” means the arrangement approved by the Department and detailed in the Club Memorandum as providing reciprocal arrangements between the Scheme and other registered occupational pension schemes for making and receiving transfer value payments;”; and
(d)for the definition of “revaluation adjustment” 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
(b)in any other case the percentage specified as the change in prices in the relevant Treasury Order made under section 9(2) of the Public Service Pensions Act (Northern Ireland) 2014 which applied to a sum in a pension account at the beginning of the next scheme year;”.
Marginal Citations
M1There are amendments to Schedule 1 which are not relevant to these Regulations.