Reg. 36 in force at 1.10.2023, see reg. 1(3)

http://www.legislation.gov.uk/wsi/2023/961/regulation/36The Firefighters’ Pensions (Remediable Service) (Wales) Regulations 2023enPUBLIC SERVICE PENSIONS, WALESStatute Law Database2024-11-19Expert Participation2024-10-21The Public Service Pensions Act 2013 (“PSPA 2013”) makes provision and confers powers to make further provision (in the form of “scheme regulations” as defined in section 1 of PSPA 2013) about the establishment of public service pension schemes. The Firefighters’ Pension Scheme (Wales) Regulations 2015 (“the 2015 scheme”) are the scheme regulations establishing the successor firefighters’ pension scheme (“the reformed scheme”) to the schemes established by the Firemen’s Pension Scheme Order 1992 and the Firefighters’ Pension Scheme (Wales) Order 2007 (“the legacy schemes”). The 2015 scheme provided for transitional protection for certain cohorts of members of legacy schemes, which were found to unlawfully discriminate between members on the basis of age.PART 6Transfers CHAPTER 2Transfers on a cash equivalent basis
SECTION 1Transfers before 1 October 2023 Transfers out before 1 October 2023 36.(1)

This regulation applies in relation to a member (“M”) in respect of whom the scheme manager paid a remediable transfer value before 1 October 2023.

(2)

The scheme manager, having consulted the scheme actuary, must calculate the transfer value of M’s remediable rights as if they were secured in—

(a)

M’s legacy scheme;

(b)

the 2015 scheme.

(3)

The scheme manager must notify the receiving scheme of the results of the calculation mentioned in paragraph (2).

(4)

Where—

(a)

the greater of the amounts calculated under paragraph (2) (“x”) is greater than

(b)

the amount of the remediable transfer value (“y”),

the scheme manager must take reasonable steps to pay the receiving scheme an amount (“the remediable amount”) equal to x - y.

(5)

A payment under paragraph (4) is subject to the same conditions as the remediable transfer value.

(6)

Where—

(a)

paragraph (4) applies, and

(b)

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).

(7)

Where, if the compensatable amount was paid immediately after the requirement to pay it arose, the payment—

(a)

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).

(“the 2009 Regulations”) as if regulation 6(1)(a) of those Regulations were omitted, the compensatable amount is to be reduced by the amount equal to the income tax that would be chargeable on it as if regulation 3(b) of the 2009 Regulations applied to it;

(b)

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.

(8)

In this regulation—

(a)

the Income Tax Acts” means all enactments relating to income tax, including any provisions of the Corporation Tax Acts which relate to income tax, and

(b)

the Corporation Tax Acts” means the enactments relating to the taxation of the income and chargeable gains of companies and of company distributions (including provisions relating to income tax).

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Reg. 36 in force at 1.10.2023, see
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This regulation applies in relation to a member (“
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the scheme manager must take reasonable steps to pay the receiving scheme an amount (“the remediable amount”) equal to
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the scheme manager owes M or, where M is deceased, M’s personal representatives an amount by way of compensation equal to
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would be a payment described in regulation 6 of the Registered Pension Schemes (Authorised Payments) Regulations 2009
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<ref eId="c00013" href="http://www.legislation.gov.uk/id/uksi/2009/1171">S.I. 2009/1171</ref>
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