- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Health and Social Care Pension Schemes (Remediable Service) Regulations (Northern Ireland) 2023, Section 44.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
44.—(1) This regulation applies in relation to a member (“M”) in respect of whom the scheme manager paid a remediable transfer value before 1st October 2023.
(2) Where this regulation applies, the scheme manager must, after having regard to the advice of the scheme actuary, calculate the transfer value of M’s remediable rights as if they had been secured in—
(a)the 1995 Section or the 2008 Section (whichever is relevant);
(b)the 2015 scheme.
(3) The scheme manager must notify the receiving scheme of the results of the calculations mentioned in paragraph (2).
(4) Where—
(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 take reasonable steps to pay the receiving scheme an amount equal to x – y (“top-up transfer value payment”).
(5) Where the greater of the amounts calculated under paragraph (2) (“x”) is less than the amount of the remediable transfer value (“y”), the scheme manager must waive any overpayment.
(6) A top-up transfer value payment made under paragraph (4) is subject to the same conditions as the remediable transfer value.
(7) Where a receiving scheme, other than a reformed public service scheme, cannot accept the top-up transfer value payment, the scheme manager may—
(a)pay the top-up transfer value payment to another nominated registered pension scheme; or
(b)pay an amount of compensation to M reduced (where relevant) in accordance with direction 6(5) of the 2023 Directions.
(8) Where, if the amount of compensation under paragraph (7)(b) had been paid immediately after the requirement to pay it arose, the payment—
(a)would have been a payment described in regulation 6 of the Registered Pension Schemes (Authorised Payments) Regulations 2009(1) (“the 2009 Regulations”) (payment after relevant accretion) read as if paragraph (1)(a) of that regulation had been omitted, the amount of compensation must be reduced by the amount equal to the income tax that would be chargeable on it as if regulation 3(b) of the 2009 Regulations applied to it;
(b)would not have been a payment so described, the amount of compensation must be reduced by an amount equal to the income tax that would be charged on the amount at M’s marginal tax rate under The Income Tax Acts(2).
(9) In this regulation, a “nominated registered pension scheme” means a pension scheme registered under Chapter 2 of Part 4 of the 2004 Act, that—
(a)is chosen by M;
(b)agrees to accept the top-up transfer value payment; and
(c)meets such other conditions as the scheme manager may require.
Commencement Information
I1Reg. 44 in operation at 1.10.2023, see reg. 1
S.I. 2009/1171. Regulation 6 was amended by section 42(6)(a) of the Finance Act 2014 (c. 26).
For the meaning of “The Income Tax Acts”, see Schedule 1 to the Interpretation Act 1978 (c. 30).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: