The National Health Service Pension Schemes (Remediable Service) Regulations 2023
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Change 1
As published
32 Pension debits: valuation of pension benefits on or after 1st October 2023: no immediate choice election for 2015 scheme benefits: immediate choice members
(1) This regulation applies to a corresponding pension debit member (“DM”) where—
(a) DM is an immediate choice member, and
(b) on or after 1st October 2023, the scheme manager provides an aggregated legacy scheme valuation of pension benefits determined under regulation 30(3)(a) taking into account the higher of the two valuations determined under regulation 30(4).
(2) Paragraph (3) applies where—
(a) DM or, where DM has died after the transfer day, the designated person does not make an immediate choice election for 2015 scheme benefits under regulation 9 (election for 2015 scheme benefits: immediate choice members and deceased members) before the end of the immediate choice election period and such an election is not treated by the scheme manager as having been made in accordance with regulation 9(6), and
(b) DM is subject to a debit of the appropriate amount under the legacy scheme in respect of remediable service shareable rights—
(i) at or before the operative time, or
(ii) after the operative time.
(3) Where this paragraph applies, the scheme manager must adjust all DM’s debit of the appropriate amount under the legacy scheme in respect of remediable service shareable rights to a debit of equivalent value to a debit of the appropriate amount that DM would have had under the legacy scheme on the transfer day.
(4) Paragraph (3) has effect—
(a) where paragraph (2)(b)(i) applies, at the operative time;
(b) where paragraph (2)(b)(ii) applies, immediately after DM is subject to a debit of the appropriate amount in respect of remediable service shareable rights; or
(c) on such later date as the scheme manager considers reasonable in all the circumstances of the case.
(5) Where paragraph (2)(b)(ii) applies, the scheme manager must send a notice in writing to DM or, as the case may be, the designated person specifying the equivalent debit of the appropriate amount, in respect of remediable service shareable rights, under the legacy scheme, that DM would have had under the legacy scheme on the transfer day.
(6) The scheme manager must send the notice mentioned in paragraph (5) within one month beginning with the day after paragraph (3) has effect in accordance with paragraph (4)(b) or (c).
Your change, as a redline
32 Pension debits: valuation of pension benefits on or after 1st October 2023: no immediate choice election for 2015 scheme benefits: immediate choice members
(1) This regulation applies to a corresponding pension debit member (“DM”) where—
(a) DM is an immediate choice member, and
(b) on or after 1st October 2023, the scheme manager provides an aggregated legacy scheme valuation of pension benefits determined under regulation 30(3)(a) taking into account the higher of the two valuations determined under regulation 30(4).
(2) Paragraph (3) applies where—
(a) DM or, where DM has died after the transfer day, the designated person does not make an immediate choice election for 2015 scheme benefits under regulation 9 (election for 2015 scheme benefits: immediate choice members and deceased members) before the end of the immediate choice election period and such an election is not treated by the scheme manager as having been made in accordance with regulation 9(6), and
(b) DM is subject to a debit of the appropriate amount under the legacy scheme in respect of remediable service shareable rights—
(i) at or before the operative time, or
(ii) after the operative time.
(3) Where this paragraph applies, the scheme manager must adjust all DM’s debit of the appropriate amount under the legacy scheme in respect of remediable service shareable rights to a debit of equivalent value to a debit of the appropriate amount that DM would have had under the legacy scheme on the transfer day.
(4) Paragraph (3) has effect—
(a) where paragraph (2)(b)(i) applies, at the operative time;
(b) where paragraph (2)(b)(ii) applies, immediately after DM is subject to a debit of the appropriate amount in respect of remediable service shareable rights; or
(c) on such later date as the scheme manager considers reasonable in all the circumstances of the case.
(5) Where paragraph (2)(b)(ii) applies, the scheme manager must send a notice in writing to DM or, as the case may be, the designated person specifying the equivalent debit of the appropriate amount, in respect of remediable service shareable rights, under the legacy scheme, that DM would have had under the legacy scheme on the transfer day.
(6) The scheme manager must send the notice mentioned in paragraph (5) within one month beginning with the day after paragraph (3) has effect in accordance with paragraph (4)(b) or (c).
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