- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
41.—(1) This regulation applies where R has, during the period of relevant service, made any effective pension age payments under Part 3 of Schedule 1 to the 2015 Regulations.
(2) The rights that would otherwise have been secured by the effective pension age payments are extinguished.
(3) The scheme manager must pay to the appropriate person an amount by way of compensation equal to—
(a)the aggregate of the effective pension age payments made by R, less
(b)an amount determined by the scheme manager in respect of the value of the tax relief under section 188 of FA 2004 (member contributions) to which R was entitled in respect of those payments.
(4) Where determining the tax relief amount under paragraph (3)(b), the scheme manager may adopt an approach which is reasonable in all the circumstances to approximate that amount.
(5) The following provisions of the PSP Directions 2022 apply in relation to a determination under paragraph (3)(b) as they apply in relation to a determination under direction 23(2)—
(a)direction 23(4) (provision of explanation);
(b)direction 23(5) and (6) (appeals).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: