The National Health Service Pension Schemes (Remediable Service) Regulations 2023
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Change 1
30 Valuation of pension benefits on or after 1st October 2023
(1) This regulation applies to a remedy member (“M”) where— (a) M is a deferred choice member or an immediate choice member, and (b) on or after 1st October 2023, the scheme manager receives a request in writing for a valuation of pension benefits, under regulation 2 of the 2000 Regulations (basic information about pensions and divorce or dissolution of a civil partnership), in respect of M’s remediable service shareable rights. (2) Paragraph (3) applies where on the valuation day— (a) the scheme manager has not received an immediate choice election under regulation 9 or a deferred choice election under regulation 12 in respect of those rights, and (b) the immediate choice election period or the deferred choice election period has not ended. (3) The scheme manager must determine— (a) an aggregated legacy scheme valuation of pension benefits in respect of— (i) non-remediable service shareable rights, and (ii) remediable service shareable rights, and (b) where relevant, a 2015 scheme valuation of pension benefits in respect of non-remediable service shareable rights. (4) For the purposes of paragraph (3)(a)(ii), the scheme manager must determine the legacy scheme valuation of pension benefits as if M’s remediable service on the valuation day were service under— (a) the legacy scheme; (b) the 2015 scheme. (5) The scheme manager must provide— (a) an aggregated legacy scheme valuation of pension benefits determined under paragraph (3)(a) using the higher of the two valuations determined under paragraph (4), and (b) where relevant, a 2015 scheme valuation of pension benefits determined under paragraph (3)(b), in accordance with regulation 2 of the 2000 Regulations. (6) Paragraph (7) applies where on the valuation day— (a) the scheme manager has received an immediate choice election under regulation 9 or a deferred choice election under regulation 12 in respect of those rights, or (b) no such election has been received and the immediate choice election period or the deferred choice election period has ended. (7) The scheme manager must determine the legacy scheme valuation of pension benefits in respect of remediable service shareable rights as if M’s remediable service on the valuation day were service under— (a) the legacy scheme, where— (i) the scheme manager has not received an immediate choice election for 2015 scheme benefits under regulation 9 or a deferred choice election for 2015 scheme benefits under regulation 12 by the end of the immediate choice election period or the deferred choice election period (whichever is relevant), and (ii) such an election is not treated as having been made in accordance with regulation 9(6) or regulation 12(6) (whichever is relevant), or (b) the 2015 scheme, where— (i) the scheme manager has received an immediate choice election for 2015 scheme benefits under regulation 9 or a deferred choice election under regulation 12 (whichever is relevant), or (ii) such an election is treated by the scheme manager as having been made in accordance with regulation 9(6) or 12(6) (whichever is relevant). (8) In this regulation, “non-remediable service shareable rights” means the shareable rights of a remedy member that are not remediable service shareable rights on the day before the transfer day.
30 Valuation of pension benefits on or after 1st October 2023
(1) This regulation applies to a remedy member (“M”) where— (a) M is a deferred choice member or an immediate choice member, and (b) on or after 1st October 2023, the scheme manager receives a request in writing for a valuation of pension benefits, under regulation 2 of the 2000 Regulations (basic information about pensions and divorce or dissolution of a civil partnership), in respect of M’s remediable service shareable rights. (2) Paragraph (3) applies where on the valuation day— (a) the scheme manager has not received an immediate choice election under regulation 9 or a deferred choice election under regulation 12 in respect of those rights, and (b) the immediate choice election period or the deferred choice election period has not ended. (3) The scheme manager must determine— (a) an aggregated legacy scheme valuation of pension benefits in respect of— (i) non-remediable service shareable rights, and (ii) remediable service shareable rights, and (b) where relevant, a 2015 scheme valuation of pension benefits in respect of non-remediable service shareable rights. (4) For the purposes of paragraph (3)(a)(ii), the scheme manager must determine the legacy scheme valuation of pension benefits as if M’s remediable service on the valuation day were service under— (a) the legacy scheme; (b) the 2015 scheme. (5) The scheme manager must provide— (a) an aggregated legacy scheme valuation of pension benefits determined under paragraph (3)(a) using the higher of the two valuations determined under paragraph (4), and (b) where relevant, a 2015 scheme valuation of pension benefits determined under paragraph (3)(b), in accordance with regulation 2 of the 2000 Regulations. (6) Paragraph (7) applies where on the valuation day— (a) the scheme manager has received an immediate choice election under regulation 9 or a deferred choice election under regulation 12 in respect of those rights, or (b) no such election has been received and the immediate choice election period or the deferred choice election period has ended. (7) The scheme manager must determine the legacy scheme valuation of pension benefits in respect of remediable service shareable rights as if M’s remediable service on the valuation day were service under— (a) the legacy scheme, where— (i) the scheme manager has not received an immediate choice election for 2015 scheme benefits under regulation 9 or a deferred choice election for 2015 scheme benefits under regulation 12 by the end of the immediate choice election period or the deferred choice election period (whichever is relevant), and (ii) such an election is not treated as having been made in accordance with regulation 9(6) or regulation 12(6) (whichever is relevant), or (b) the 2015 scheme, where— (i) the scheme manager has received an immediate choice election for 2015 scheme benefits under regulation 9 or a deferred choice election under regulation 12 (whichever is relevant), or (ii) such an election is treated by the scheme manager as having been made in accordance with regulation 9(6) or 12(6) (whichever is relevant). (8) In this regulation, “non-remediable service shareable rights” means the shareable rights of a remedy member that are not remediable service shareable rights on the day before the transfer day.
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