PART 6Transfers
CHAPTER 2Transfers on a cash equivalent basis
SECTION 1Transfers before 1st October 2023
Transfers in before 1st October 2023 I139
1
This regulation applies in relation to each payment of a remediable transfer value in respect of a member (“M”) which was accepted by the scheme manager before 1st October 2023.
2
The scheme manager, having consulted the scheme actuary, must determine M’s remediable benefits if the transfer value, together with any payment accepted under paragraph (3), were applied in respect of rights secured in—
a
the PCSPS(NI), and separately
b
alpha.
3
Where the sending scheme was a reformed public service pension scheme, the scheme manager may accept a payment—
a
in respect of the remediable rights to which the remediable transfer value relates, and
b
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
4
A payment accepted under paragraph (3) is to be used for the purpose of determining M’s benefits under a civil service scheme on the same terms as the remediable transfer value.