PART 7Taxation
The 2019/20 Pensions Annual Allowance Charge Compensation Scheme 59
1
This regulation applies in the circumstances described in paragraph (2) in relation to a remedy member (“M”) who—
a
has remediable service under the legacy scheme that is pensionable service under that scheme whether or not by virtue of section 2(1) of PSPJOA 2022, and
b
is an immediate choice remedy member or a remedy member who died before 1st October 2023.
2
The circumstances are that—
a
in respect of an annual allowance charge arising in tax year 2019-20, M gives notice—
i
under section 237B(3) of FA 200467 (liability of scheme administrator), or
ii
otherwise, on a voluntary basis, and
b
M has been paid any amount under the 2019/20 Pensions Annual Allowance Charge Compensation Scheme (“PAACCS”)68.
3
Where regulation 8 of the 2023 Regulations (Chapter 1 schemes and judicial 2015 schemes: operation of scheme pays for remedy years) applies and the annual allowance charge arising in respect of tax year 2019-20 has reduced, the legacy scheme will pay to NHS England an amount equal to the compensation amount, in respect of the overpaid annual allowance charge, paid to M under PAACCS.
4
The amount of pension benefit corrections, made under regulations 10 and 13 (pension benefits and lump sum benefits) of these Regulations to be paid by the legacy scheme to M in respect of the reduced annual allowance charge arising in respect of tax year 2019-20 is not a relevant amount for interest under Part 9 of these Regulations (interest and the payment, reduction or waiver of liabilities).