PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 2Pension sharing orders: information provided before 1st October 2023
Information provided before 1st October 2023: recalculating D’s reduction of benefitI122
1
This regulation applies where D’s remediable relevant benefits have been reduced by an initial reduction amount.
2
The scheme manager must determine the alternative reduction amount or, where the relevant pension sharing order relates to mixed service, the alternative reduction amounts, in relation to D’s remediable relevant benefits—
a
as soon as reasonably practicable after 30th September 2023, and
b
having consulted the scheme actuary.
3
Where the relevant pension sharing order does not relate to mixed service, the “alternative reduction amount” is such amount as the scheme manager considers appropriate having regard to—
a
the cash equivalent of the remediable relevant benefits on the valuation day as if they had been secured in the alternative scheme,
b
the percentage value or the amount to be transferred specified in the relevant pension sharing order, and
c
the provisions of Article 26 and 28 of the 1999 Order.
4
Where the relevant pension sharing order relates to mixed service, the “alternative reduction amounts” are such amounts as the scheme manager considers appropriate having regard to—
a
the cash equivalent of the remediable relevant benefits on the valuation day as if they had all been secured in —
i
the legacy scheme, and separately
ii
the reformed scheme, and
b
the matters mentioned in paragraph (3)(b) and (c).