PART 6 Transfers

CHAPTER 4 Treatment of rights secured by virtue of a remediable value

Benefits already paid in relation to transferred in remediable rights

47.—(1) Paragraph (2) applies in relation to any benefits (“the paid benefits”) that the reformed scheme has at any time paid to a person (“ P”) so far as—

(a) they are calculated by reference to a remediable value, and

(b) they are benefits that, as a result of regulation 45(2)(a), P was not entitled to receive from the scheme.

(2) The paid benefits are to be treated for all purposes—

(a) as not having been paid to P by the reformed scheme, but

(b) as having been paid to P instead by the legacy scheme.