Plan L
15.—(1) Where a Member (being a Plan L Member) elected under the RMPP to pay the contributions due in respect of that Member’s RMPP Reckonable Service before that Member joined the contributory part of the RMPP by reduction of that Member’s lump sum or that Member’s death benefit and/or by the application of that Member’s additional voluntary contributions made to the RMPP under General Rule 19A (Additional Voluntary Contributions) of the RMPP Rules, then that Member will have accrued an obligation to pay the amount of contributions due to the RMPP under the RMPP Rules. The amount of that obligation, as had accrued as at the end of the Cut-Off Date and then revalued under the RMSPS as if it were a benefit payable to that Member under the RMSPS, is an Accrued Plan L Amount.
(2) The Plan L Member will be treated as owing an obligation to the RMSPS in respect of the Accrued Plan L Amount, to be discharged by one or both of the methods set out in Paragraphs (a) and (b) below. Where both methods are available, the Member will choose the proportion of the amount that will be met by each method, unless the Member has died, in which case the Secretary of State will use the method set out in Paragraph (a) below—
(a)Under the method set out in this Paragraph, as at the beginning of the Commencement Date (before any revaluation is applied) any lump sum benefits payable in respect of the Member from the RMSPS (including any lump sum payable on that Member’s death) will be treated as if reduced by the Accrued Plan L Amount or (if the Member also chose to use the method set out in Paragraph (b) below) the appropriate share of the Accrued Plan L Amount under the RMSPS.
(b)Under the method set out in this Paragraph, the Member’s Transferred AVC Fund will, as provided for in Clause 10 (Additional voluntary contributions transferred from the RMPP), be applied for the purpose of meeting some or (if the Member also chose to use the method set out in Paragraph (a) above) the appropriate share of the Accrued Plan L Amount.