PART 6Transfers
Remediable transfer value payments accepted from other public service schemes but not accepted under the public sector transfer arrangements 48
1
This regulation applies in relation to each payment of a remediable transfer value accepted by the scheme manager in respect of a member (“M”).
2
Where this regulation applies, the scheme manager must, after having regard to the advice of the scheme actuary, determine M’s remediable benefits if the transfer value payment or transfer value, together with any adjustment payment accepted under paragraph (3), is applied in respect of rights in—
a
the 1995 Section or the 2008 Section (whichever is relevant);
b
the 2015 scheme.
3
Where the remediable transfer value payment was accepted by the scheme manager before 1st October 2023 and the sending scheme is a reformed public service pension scheme, the scheme manager may accept an adjustment in the value of a remediable transfer value—
a
in respect of the remediable rights to which the payment relates, and
b
which is made by the sending scheme pursuant to, or to provision made under, PSPJOA 2022.
4
An adjustment payment accepted under paragraph (3) must be used for the purpose of determining M’s benefits under the legacy scheme or the 2015 scheme on the same terms as the remediable transfer value.