30.—(1) This regulation applies where a remedy member (“M”) entered into an arrangement during the period of their remediable service to pay periodic voluntary contributions (the “remediable voluntary contributions”) to secure EPA rights.
(2) The scheme manager must, as soon as is practicable after 30th September 2023 and having consulted the scheme actuary, determine—
(a)the equivalent value of added pension rights that would have been secured in the PCSPS(NI) if each remediable voluntary contribution had been paid to secure added pension rights in the PCSPS(NI) in the same relevant pension year in which the remediable voluntary contribution was paid (“the PCSPS(NI) added pension value”), and
(b)the “compensatable amount”, being an amount by way of compensation which is equal to—
(i)the aggregate of all of M’s remediable voluntary contributions, less
(ii)an amount in respect of the value of tax relief in accordance with direction 5(5) to (9) of the PSP Directions 2023.
(3) Where a determination is made in accordance with direction 5(8) of the PSP Directions 2023, the following apply—
(a)direction 5(10) (provision of explanation);
(b)direction 5(11) and (12) (appeals).
(4) When making a remedy decision that no section 6 election or (as the case may be) no section 10 election is to be made in respect of M’s remediable service, the relevant decision-maker may also make a decision in accordance with paragraph (5) that—
(a)rights to added pension are to be conferred under the PCSPS(NI) that are of an equivalent value to the PCSPS(NI) added pension value, or
(b)the scheme manager is required to pay M or, where M is deceased, M’s personal representatives the compensatable amount.
(5) A decision is made in accordance with this paragraph where it is communicated to the scheme manager—
(a)in a form and manner determined by the scheme manager, and
(b)at the same time as the remedy decision mentioned in paragraph (4).
(6) Where—
(a)a decision is made in accordance with paragraph (5) for the purpose in paragraph (4)(a), or
(b)no decision has been made in accordance with paragraph (5), and—
(i)the period during which a remedy decision may be made in relation to M’s remediable service has passed,
(ii)no remedy decision has been made that a section 6 election or a section 10 election is to be made in relation to M’s remediable service, and
(iii)M is not an immediate choice member in respect of whose remediable service a section 6 election is deemed to have been made under regulation 10,
the scheme manager must confer rights to added pension under the PCSPS(NI) that are of an equivalent value to the PCSPS(NI) added pension value.
(7) Where a decision is made in accordance with paragraph (5) for the purpose in paragraph (4)(b), the scheme manager must pay to M or, where M is deceased, M’s personal representatives the compensatable amount.
(8) Where—
(a)rights to added pension under the PCSPS(NI) are conferred under paragraph (6), or
(b)compensation is paid in relation to M’s remediable EPA rights under paragraph (7),
any rights that would otherwise have been secured by the remediable voluntary contributions are extinguished.
(9) In this regulation—
“added pension”, in relation to the PCSPS(NI), has the meaning given to “PCSPS(NI) added pension” in regulation 26;
“EPA rights” means rights to benefits secured under Part 3 of Schedule 1 to the 2014 Regulations;
“remediable EPA rights” means EPA rights secured by virtue of remediable voluntary contributions;
“remedy decision” means an immediate choice decision or a deferred choice decision;
“relevant decision-maker” means—
where M is a deferred choice member, the deferred choice decision-maker;
where M is an immediate choice member, the immediate choice decision-maker;
“relevant pension year” has the meaning given in direction 5(16)(c) of the PSP Directions 2023.
Commencement Information
I1Reg. 30 in operation at 1.10.2023, see reg. 1(b)