Part 6Transfers
Chapter 3Transfers on a club basis
Section 1Club transfers before 1st October 2023
Club transfers out before 1st October 202338
1
This regulation applies in relation to each member (“M”) in respect of whom a remediable club transfer value was paid by the scheme manager before 1st October 2023.
2
The scheme manager must calculate the following amounts—
a
the club transfer value of M’s rights under a firefighters’ pension scheme as if M’s remediable rights had been secured in M’s legacy scheme;
b
the club transfer value of M’s rights under a firefighters’ pension 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 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 paragraph (2) (“x”) is greater than
b
the amount of the remediable club transfer value (“y”),
the scheme manager must pay the receiving scheme an amount equal to x - y.
5
A payment made under paragraph (4) is subject to the same conditions as the remediable club transfer value.