PART 4Provision about divorce and dissolution arrangements
CHAPTER 1Pension credit and pension debit members
SECTION 2Pension sharing orders: information provided before 1st October 2023
Information provided before 1st October 2023: recalculating D’s reduction of benefit I121
1
This regulation applies where D’s remediable relevant benefits have been reduced by an initial reduction amount.
2
The scheme manager must determine the alternative reduction amount or, where the relevant pension sharing relates to mixed service, the alternative reduction amounts in relation to D’s remediable relevant benefits—
a
as soon as reasonably practicable after 30th September 2023, and
b
having consulted the scheme actuary.
3
Where the relevant pension sharing order does not relate to mixed service, the “alternative reduction amount” is such amount as the scheme manager considers appropriate having regard to—
a
the cash equivalent of the remediable relevant benefits on the valuation day as if they had been secured in the alternative scheme,
b
the percentage value or the amount to be transferred specified in the relevant pension sharing order, and
c
the provisions of Articles 26 and 28 of WRP(NI)O 1999.
4
Where the pension sharing order relates to mixed service, the “alternative reduction amounts” are such amounts as the scheme manager considers appropriate having regard to—
a
the cash equivalent of the remediable relevant benefits on the valuation day as if they had all been secured in—
i
the PCSPS(NI), and separately
ii
alpha, and
b
the matters mentioned in paragraph (3)(b) and (c).