50.—(1) Where—
(a)M is a deferred choice member, and
(b)M’s transferred in remediable rights are treated as rights to benefits under the PCSPS(NI) by virtue of regulation 49(1)(b),
the scheme manager must vary the value of those rights so that they are of an equivalent value to the rights M would have secured under the PCSPS(NI) if the rights had been transferred into that scheme.
(2) A variation under paragraph (1) is to be treated as having taken effect when these Regulations come into operation.
(3) Where—
(a)M is an immediate choice member, and
(i)an immediate choice decision has been made that no section 6 election is to be made in relation to M’s remediable service, or
(ii)the end of the section 6 election period in relation to M has passed and no section 6 election has been made (or deemed to have been made) in relation to M’s remediable service, and
(b)M’s transferred in remediable rights are treated as rights to benefits under the PCSPS(NI) by virtue of regulation 49(1)(b),
the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under the PCSPS(NI) if the rights had been transferred into that scheme.
(4) A variation under paragraph (3) is to be treated as having taken effect on the earlier of—
(a)the time that an immediate choice decision (including a deemed section 6 election) is treated as having taken effect in relation to M’s remediable service, and
(b)the end of the section 6 election period in relation to M.
(5) Where—
(a)the benefits payable to or in respect of M’s remediable service are alpha benefits by virtue of a section 6 election (including a deemed section 6 election) or a section 10 election, and
(b)the benefits payable in relation to M’s transferred in remediable rights would otherwise be PCSPS(NI) benefits,
the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under alpha if the rights had been transferred into that scheme.
(6) Where the scheme manager is required to vary the value of any rights under this regulation so that they are of an equivalent value to rights that would have been secured in another scheme (“the alternative scheme”), the scheme manager must—
(a)where the rights were secured by virtue of a remediable transfer value, first consult the scheme actuary, and
(b)calculate the varied value of the rights as if the remediable value which originally secured rights under a civil service scheme were transferred into the alternative scheme in the relevant pension year that the transfer occurred.
(7) In paragraph (6), “relevant pension year” has the meaning given by direction 4(14)(f) of the PSP Directions 2023.
Commencement Information
I1Reg. 50 in operation at 1.10.2023, see reg. 1(b)