Adjustments for pension debit membersN.I.
57.—(1) Paragraph (2) applies where a legacy scheme election is made in respect of P.
(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 from 1 April 2015 to the day before the transfer day,
(b)the percentage value to be transferred or the amount to be transferred specified in the relevant legacy scheme order or provision and the relevant 2015 scheme order or provision, and
(c)the provisions of Articles 26 (creation of pension credits and debits) and 28 (reduction of benefit) of WRP(NI)O 1999.
(3) Paragraph (4) applies where a 2015 scheme election is made in respect of P.
(4) 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 and 2015 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 service up to and including 31 March 2015,
(b)the cash equivalent of P’s shareable rights in the 2015 scheme in respect of P’s remediable service from 1 April 2015 to the day before the transfer day,
(c)the percentage value to be transferred or the amount to be transferred specified in the relevant legacy scheme order or provision and the relevant 2015 scheme order or provision, and
(d)the provisions of Articles 26 (creation of pension credits and debits) and 28 (reduction of benefit) of WRP(NI)O 1999.
(5) The adjustments made in paragraphs (2) and (4) have effect from the transfer day.
Commencement Information
I1Reg. 57 in operation at 24.7.2023, see reg. 1(b)