PART 4Provision about divorce and dissolution arrangements

CHAPTER 2Arrangements on divorce, annulment or dissolution other than a pension sharing order

Arrangements other than a pension sharing order: calculating the value of pension benefits 25

1

This regulation applies where—

a

the value of the remediable rights of a member (“M”) must be determined for the purpose of proceedings connected to M’s divorce, annulment or the dissolution of M’s civil partnership,

b

the divorce, annulment or dissolution is to take effect—

i

on or after 1st October 2023, and

ii

before the earlier of—

aa

a decision taking effect in relation to M’s remediable service, or

bb

the end of the relevant election period, and

c

the value of M’s remediable rights is not to be subject to a pension sharing order.

2

The value of M’s remediable rights for the purpose of the proceedings is the greater of those rights valued by the scheme manager, having consulted the scheme actuary, as if they were—

a

secured in the PCSPS, or

b

secured in alpha.

3

In this regulation—

  • “decision” means an immediate choice decision or a deferred choice decision;

  • “end of the relevant election period” means, where M is—

    1. a

      a deferred choice member, the end of the section 10 election period in relation to M;

    2. b

      an immediate choice member, the end of the section 6 election period in relation to M;

  • “pension sharing order” means an order or provision by virtue of section 29 of WRPA 1999 in relation to M’s remediable rights;

  • “remediable rights” means the rights secured by virtue of M’s remediable service.