The Armed Forces Pension Scheme Order 2005

[F1 Section 6 U.K. Club transfers before 1st October 2023

Textual Amendments

F1 Sch. 3 inserted (1.10.2023) by The Armed Forces Pensions (Remediable Service) Regulations 2023 (S.I. 2023/998), reg. 1(b), Sch. 2

Club transfers out before 1st October 2023 U.K.

47.— (1) This paragraph applies in relation to a member (“M”) in respect of whom the Scheme manager paid a remediable club transfer value before 1st October 2023.

(2) The Scheme manager must calculate the following amounts—

(a) the transfer value of M’s rights under the Scheme, in accordance with the public sector transfer arrangements, as if M’s remediable rights had been secured in this Scheme;

(b) the club transfer value of M’s rights under the Scheme as if M’s remediable rights had been secured in the reformed scheme.

(3) The Scheme manager must provide to the receiving scheme the result of the calculations mentioned in sub-paragraph (2).

(4) Where the receiving scheme is a local government scheme (within the meaning of section 86(1) of PSPJOA 2022), and—

(a) the greater of the amounts calculated under sub-paragraph (2) (“x”) is greater than

(b) the amount of the remediable transfer value (“y”),

the Scheme manager must pay the receiving scheme an amount equal to x – y.

(5) A payment made under sub-paragraph (4) is subject to the same conditions as the remediable club transfer value.

Club transfers in before 1st October 2023 U.K.

48.— (1) This paragraph applies in relation to each remediable club transfer value in respect of a member (“M”) which was accepted by the Scheme manager before 1st October 2023.

(2) The Scheme manager may accept an adjustment in the value of a remediable club transfer value—

(a) in respect of the remediable rights to which the remediable club transfer value relates, and

(b) which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.

(3) An adjustment accepted under sub-paragraph (2) is to be used for the purpose of determining M’s remediable benefits on the same terms as the remediable club transfer value mentioned in sub-paragraph (1).

(4) The Scheme manager must determine M’s remediable benefits as if the remediable club transfer value together with any adjustment accepted under sub-paragraph (2) were applied in respect of rights in—

(a) this Scheme;

(b) the reformed scheme.]