33.—(1) This regulation applies to a relevant pension credit member(1) (“CM”) where—
(a)before 1st October 2023, the scheme manager provided a valuation of benefits, in respect of remediable service shareable rights of the corresponding pension debit member (“DM”), under regulation 3 of the 2000 Regulations(2) (information about pensions and divorce and dissolution of a civil partnership: valuation of pension benefits), and
(b)in respect of DM’s remediable service shareable rights, CM has a pension credit(3) solely under—
(i)the legacy scheme, or
(ii)the 2015 scheme.
(2) Paragraphs (3) and (4) apply where CM has a pension credit, in respect of DM’s remediable service shareable rights, under the legacy scheme.
(3) Where this paragraph applies, the scheme manager, after having regard to the advice of the scheme actuary, must determine a valuation, in respect of DM’s remediable service shareable rights, as though DM’s remediable service before the transfer day had been under the 2015 scheme.
(4) Where—
(a)the valuation of pension benefits determined under paragraph (3) is greater than
(b)the valuation of pension benefits, in respect of DM’s remediable service shareable rights under the legacy scheme before the transfer day,
the scheme manager, after having regard to the advice of the scheme actuary, must adjust CM’s legacy scheme pension credit to take account of the difference between the valuations referred to in sub-paragraphs (a) and (b).
(5) Paragraphs (6) and (7) apply where CM has a pension credit, in respect of DM’s remediable service shareable rights under the 2015 scheme.
(6) Where this paragraph applies, the scheme manager, after having regard to the advice of the scheme actuary, must determine a valuation of pension benefits, in respect of DM’s remediable service shareable rights, as though DM’s remediable service before the transfer day had been under the legacy scheme.
(7) Where—
(a)the valuation of pension benefits determined under paragraph (6) is greater than
(b)the valuation of pension benefits, in respect of DM’s remediable service shareable rights under the 2015 scheme before the transfer day,
the scheme manager, after having regard to the advice of the scheme actuary, must adjust CM’s 2015 scheme pension credit to take account of the difference between the valuations referred to in sub-paragraphs (a) and (b).
(8) An adjustment made under paragraph (4) or (7) has effect as though it had been made on the transfer day.
(9) The scheme manager must make the adjustment referred to in paragraph (4) or (7) (whichever is relevant)—
(a)where the scheme manager discharged their liability under section 33(1) of WRPA 1999 (time for discharge of liability in respect of a pension credit) before 1st October 2023—
(i)before 1st October 2024, or
(ii)on such later date as the scheme manager considers reasonable in all the circumstances of the case, or
(b)as soon as reasonably practicable after the day on which the scheme manager discharges their liability under that section, where the scheme manager does so after 30th September 2023.
(10) Where paragraph (9) applies, the scheme manager must send a notice in writing to CM specifying—
(a)the adjusted pension credit, and
(b)in which scheme the adjusted pension credit is retained.
(11) The scheme manager must send the notice referred to in paragraph (10) to CM within one month beginning with the day after the day on which the scheme manager made the adjustment under paragraph (4) or (7).
For the meaning of “relevant pension credit member”, see section 19(2) of PSPJOA 2022.
Regulation 3 was amended by S.I. 2005/2877, 2008/1050, 2016/289.
For the meaning of “pension credit”, see section 29(1)(b) of WRPA 1999. This definition applies by virtue of section 19(7) of PSPJOA 2022.