Part 6Transfers
Chapter 2Transfers on a cash equivalent basis
Section 1Transfers before 1st October 2023
Transfers in before 1st October 202334
1
This regulation applies in relation to each payment of a remediable transfer value in respect of a member (“M”) which was accepted by the scheme manager before 1st October 2023.
2
The scheme manager, having consulted the scheme actuary, must determine M’s—
a
overall rights in relation to the remediable transfer value in the legacy scheme;
b
benefits if the remediable transfer value, together with any payment accepted under paragraph (4), were applied in respect of rights in the reformed scheme.
3
Where the sending scheme was a public service pension scheme, the scheme manager may accept a payment—
a
in respect of the remediable rights to which the remediable transfer value relates, and
b
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
4
A payment accepted under paragraph (3) is to be used for the purpose of determining M’s benefits under a firefighters’ pension scheme on the same terms as the remediable transfer value.