PART 6Transfers
CHAPTER 3Transfers on a club basis
SECTION 1Club transfers before 1st October 2023
Club transfers out before 1st October 2023 I150
1
This regulation applies in relation to each member (“M”) in respect of whom the scheme manager paid a remediable club transfer value before 1st October 2023.
2
The scheme manager, must calculate the following amounts—
a
the club transfer value of M’s rights under a teachers’ pension scheme as if M’s remediable rights had been secured in M’s legacy scheme;
b
the club transfer value of M’s rights under a teachers’ pension scheme as if M’s remediable rights had been secured in the reformed scheme.
3
The scheme manager must provide to the receiving scheme the result of the calculations mentioned in paragraph (2).
4
Where the receiving scheme is a local government scheme (within the meaning of section 86(1) of PSPJOA 2022), and—
a
the greater of the amounts calculated under paragraph (2) (“x”) is greater than
b
the amount of the remediable transfer value (“y”),
the scheme manager must pay the receiving scheme an amount equal to x – y.
5
A payment made under paragraph (4) is subject to the same conditions as the remediable club transfer value.
Club transfers in before 1st October 2023 I251
1
This regulation applies in relation to each remediable club transfer payment value in respect of a member (“M”) which was accepted by the scheme manager before 1st October 2023.
2
The scheme manager may accept an adjustment in the value of a remediable club transfer value—
a
in respect of the remediable rights to which the remediable club transfer value relates, and
b
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
3
An adjustment accepted under paragraph (2) is to be used for the purpose of determining the amount of pension M is entitled to count under a teacher pension scheme on the same terms as the remediable club transfer value mentioned in paragraph (1).
4
The scheme manager, must determine the amount of pension M is entitled to count if the remediable transfer value together with any adjustment accepted under paragraph (2) were applied in respect of rights in—
a
M’s legacy scheme;
b
the reformed scheme.
SECTION 2Club transfers on or after 1st October 2023
Application of Section 2 I352
This Section applies in respect of a member (“M”) who is a deferred choice member, and no pension benefits have become payable in relation to M’s remediable teacher service.
Club transfers out on or after 1st October 2023 I453
1
This regulation applies in relation to a remediable club transfer value payment to be made by the scheme manager on or after 1st October 2023.
2
The scheme manager must calculate the following amounts—
a
the club transfer value of M’s rights under a teachers’ pension scheme as if M’s remediable rights had been secured in M’s legacy scheme;
b
the club transfer value of M’s rights under a teachers’ pension scheme as if M’s remediable rights had been secured in the reformed scheme.
3
The amount of the remediable club transfer value is the greater of the amounts calculated under paragraph (2).
4
The scheme manager must provide to the receiving scheme the result of the calculations mentioned in paragraph (2).
Club transfers in on or after 1st October 2023 I554
1
This regulation applies in relation to a remediable club transfer value payment which is accepted by the scheme manager on or after 1st October 2023.
2
The scheme manager must determine the amount of pension M is entitled to count if the remediable club transfer value were applied in respect of rights in—
a
M’s legacy scheme;
b
the reformed scheme.