PART 4Provision in relation to certain fee-paid judges

CHAPTER 8Compensation for voluntary payments

Compensation for F1purported effective pension age paymentsI141

1

This regulation applies where R has, during the period of relevant service, made any F1purported effective pension age payments F2....

2

F3For the avoidance of doubt, any rights that would otherwise have been secured by the F1purported effective pension age payments F4, had R been entitled to make them are extinguished.

3

The scheme manager must pay to the appropriate person an amount by way of compensation equal to—

a

the aggregate of the F1purported effective pension age payments made by R, less

b

an amount determined by the scheme manager in respect of the value of the tax relief under section 188 of FA 2004 (member contributions) to which R F5would have been entitled in respect of those payments F6had R been entitled to make them .

4

Where determining the tax relief amount under paragraph (3)(b), the scheme manager may adopt an approach which is reasonable in all the circumstances to approximate those amounts.

5

The following provisions of the PSP Directions 2023 apply in relation to a determination under paragraph (3)(b) as they apply in relation to a determination under direction 23(2)—

a

direction 23(4) (provision of explanation);

b

direction 23(5) and (6) (appeals).