47.—(1) This regulation applies in relation to a deferred choice member (“M”) in respect of whom the scheme manager has accepted a remediable club transfer value, where—
(a)benefits become payable under the PCSPS in relation to M’s remediable service, and
(b)it is impracticable for the scheme manager to issue a remediable service statement in relation to M’s remediable service because the sending scheme has not provided the information required to determine the value of M’s rights in accordance with regulation 43(4).
(2) The scheme manager may, during the relevant period, pay to a person who is entitled to receive benefits in relation to M’s pensionable service (“the beneficiary”) the following benefits in relation to M’s rights under the PCSPS—
(a)such benefits as do not relate to the remediable club transfer value, determined as if a deferred choice decision has been made that no section 10 election is to be made in relation to M’s remediable service, and
(b)such benefits as relate to the remediable club transfer value determined as if regulation 50(1) does not apply in relation to the rights secured by the remediable club transfer value.
(3) Where, at the end of the relevant period—
(a)the aggregate of the benefits that have been paid pursuant to paragraph (2), exceeds
(b)the aggregate of the benefits to which (after taking into account the effect, if any, of regulation 50(1) and (4) and section 10(4) of PSPJOA 2022) the beneficiary is entitled under the PCSPS in respect of M’s pensionable service,
the beneficiary must pay an amount equal to the difference to the scheme manager.
(4) Where, at the end of the relevant period—
(a)the amount mentioned in paragraph (3)(a), is less than
(b)the amount mentioned in paragraph (3)(b),
the scheme manager must pay an amount equal to the difference to the beneficiary.
(5) Regulation 13(1)(b)(iii) does not apply to determine the end of the section 10 election period in relation to M.
(6) In this regulation, “relevant period” means the period beginning with the day on which benefits become payable in relation to M’s remediable service and ending with the earlier of—
(a)the time at which a deferred choice decision is made in relation to M’s remediable service, and
(b)the end of the section 10 election period in relation to M.
Commencement Information
I1Reg. 47 in force at 1.10.2023, see reg. 1(b)