Pension benefits and lump sum benefits in relation to transferred in remediable rights N.I.
60.—(1) This regulation applies—
(a)where M is an immediate choice member, and
(b)in relation to any benefits that have been paid to or in respect of the transferred in remediable rights of M.
(2) Where, at the operative time—
(a)the aggregate of benefits that (after taking into account the effect, if any, of regulation 57) have been paid under the legacy scheme to any person (“the beneficiary”) in respect of M’s transferred in remediable rights, exceeds
(b)the aggregate of the benefits to which (after taking into account the effect, if any, of regulation 58(3) or (5) in relation to the rights) the beneficiary is entitled under the scheme in respect of the rights,
the beneficiary must pay an amount equal to the difference to the scheme.
(3) Where, at the operative time the amount mentioned in paragraph (2)(a), is less than the amount mentioned in paragraph (2)(b), the scheme manager must pay an amount equal to the difference to the beneficiary.
(4) In this regulation, “the operative time” means—
(a)if an immediate choice decision is made in relation to M’s remediable teacher service, the time the decision is made;
(b)otherwise, the end of the section 6 election period in relation to M.
Commencement Information
I1Reg. 60 in operation at 1.10.2023, see reg. 1