The Health and Social Care Pension Scheme (Amendment) Regulations (Northern Ireland) 2023 No. 33

PART 4 N.I. Amendments to the Health and Social Care Pension Scheme Regulations (Northern Ireland) 2015

Amendment of Schedule 7 N.I.

24.—(1) Schedule 7 (pension accounts) is amended as follows.

(2) (2) In paragraph 1 (interpretation)—

(a) for the definition of “index adjustment” substitute—

““index adjustment” means—

(a)

in relation to the opening balance of earned pension for a scheme year (other than the opening balance of club transfer earned pension), the percentage increase or decrease in prices specified in an order (in respect of the HSC Pension Scheme 2015) made by the Department of Finance under section 9(2) of the 2014 Act in relation to the previous scheme year, plus 1.5%; and

(b)

in relation to the opening balance of club transfer earned pension for a scheme year, the adjustment that is—

(i)

equal to the adjustment that would apply to the opening balance of that amount of earned pension under the sending scheme for the previous scheme year, and;

(ii)

applied to the opening balance of club transfer earned pension on the same day as the percentage increase or decrease referred to in paragraph (a).”

(b) in the definition of “AP index adjustment”, after “in an order”, insert “(in respect of the HSC Pension Scheme 2015)” and omit “and Personnel”.

(3) In paragraph 3 (meaning of “leaver index adjustment”)—

(a) in sub-paragraph (1), in Step 1, after “in an order”, insert “(in respect of the HSC Pension Scheme 2015)” and omit “and Personnel”;

(b) for sub-paragraph (2), substitute—

“(2) Subject to sub-paragraph (2A), the leaver index adjustment for an amount of club transfer accrued earned pension is—

(a) equal to the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member’s account at the end of the relevant last day; and

(b) applied to the amount of club transfer earned pension at the end of the relevant last day on the same day as the percentage increase or decrease referred to in the definition of index adjustment in paragraph 1(a).”.

(c) after paragraph (b) insert –

“(2A) If the amount of the leaver index adjustment under sub-paragraph (1) or (2) is an amount that is less than zero, the amount of the leaver index adjustment for the purposes of that sub-paragraph paragraphs is zero.”

(4) In paragraph 4 (meaning of “leaver AP index adjustment”), in sub-paragraph (2)(b), after “in an order”, insert “(in respect of the HSC Pension Scheme 2015)” and omit “and Personnel”.

Commencement Information

I1 Reg. 24 in operation at 1.4.2023, see reg. 1(2)