Reg. 36 in force at 1.10.2023, see reg. 1(3)
This regulation applies in relation to a member (“
The scheme manager, having consulted the scheme actuary, must calculate the transfer value of M’s remediable rights as if they were secured in—
M’s legacy scheme;
the 2015 scheme.
The scheme manager must notify the receiving scheme of the results of the calculation mentioned in paragraph (2).
Where—
the greater of the amounts calculated under paragraph (2) (“
the amount of the remediable transfer value (“
the scheme manager must take reasonable steps to pay the receiving scheme an amount (“the remediable amount”) equal to x - y.
A payment under paragraph (4) is subject to the same conditions as the remediable transfer value.
Where—
paragraph (4) applies, and
the scheme manager, having taken reasonable steps, is unable to make the payment required by that paragraph,
the scheme manager owes M or, where M is deceased, M’s personal representatives an amount by way of compensation equal to x - y (“the compensatable amount”) reduced in accordance with paragraph (7).
Where, if the compensatable amount was paid immediately after the requirement to pay it arose, the payment—
would be a payment described in regulation 6 of the Registered Pension Schemes (Authorised Payments) Regulations 2009 S.I. 2009/1171. Regulation 6 was amended by section 42(6)(a) of the Finance Act 2014 (c. 26).
would not be a payment so described, the compensatable amount is to be reduced by an amount equal to the income tax that would be charged on the amount at M’s marginal rate under the Income Tax Acts.
In this regulation—
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