PART 5Divorce or the dissolution of a civil partnership

Pension debits: valuation of pension benefits before 1st October 2023: deferred choice members (immediate alternative debit of appropriate amount) 26.

(1)

This regulation applies to a corresponding pension debit member36 (“DM”) where—

(a)

DM is a deferred choice member who has pensionable service under the legacy scheme by virtue of section 2(1) of PSPJOA 2022;

(b)

before 1st October 2023, the scheme manager provided a valuation of benefits, in respect of remediable service shareable rights, under regulation 3 of the 2000 Regulations37 (Information about pensions on divorce or dissolution of a civil partnership: valuation of pension benefits); and

(c)

on or after 1st April 2015, DM’s remediable service shareable rights became subject to a debit of the appropriate amount under the 2015 scheme.

(2)

Where this regulation applies, all DM’s remediable service shareable rights subject to a debit of the appropriate amount under the 2015 scheme—

(a)

become a debit of the appropriate amount in the legacy scheme; and

(b)

must be adjusted by the scheme manager to a debit of equivalent value to a debit of the appropriate amount that DM would have had in the legacy scheme on the transfer day.

(3)

The scheme manager must make the adjustment referred to in paragraph (2)—

(a)

where the scheme manager discharged their liability under article 30(1) of the 1999 Order38 (time for discharge of liability in respect of a pension credit) before 1st October 2023—

(i)

before 1st July 2024, or

(ii)

on such later date as the scheme manager considers reasonable in all the circumstances of the case, or

(b)

as soon as reasonably practicable after the day on which the scheme manager discharges their liability under that section where the scheme manager does so after 30th September 2023.

(4)

Where paragraph (3)(a) applies, the scheme manager must send a notice in writing to DM specifying the adjusted debit of the appropriate amount under the legacy scheme.

(5)

The scheme manager must send the notice to DM within one month of making the adjustment under paragraph (2)(b).