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The Judicial Pensions (Remediable Service etc.) Regulations (Northern Ireland) 2023

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This is the original version (as it was originally made).

Adjustments for pension debit members where a legacy scheme election is made

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50.—(1) This regulation applies where—

(a)a legacy scheme election is made in respect of P,

(b)an immediate detriment remedy is obtained in relation to P’s remediable service, or

(c)this Part applies by virtue of regulation 46(2).

(2) At the end of the relevant period, the scheme manager must adjust the value of P’s shareable rights in P’s judicial legacy scheme as the scheme manager, after consultation with the scheme actuary, considers appropriate having regard to—

(a)the cash equivalent of P’s shareable rights in P’s judicial legacy scheme in respect of P’s remediable service or relevant service from 1st April 2015 to the day before the transfer day,

(b)the percentage value or the amount to be transferred specified in the pension sharing order in respect of the 2015 scheme, and

(c)the provisions of Articles 26 (creation of pension credits and debits) and 28 (reduction of benefit) of WRP(NI)O 1999.

(3) The adjustment made under paragraph (2) has effect from the transfer day.

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