The National Health Service Pension Schemes (Remediable Service) Regulations 2023
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Change 1
34 Pension credits: valuation of pension benefits before 1st October 2023: pension credit adjustment: remediable service shareable rights under the legacy scheme and the 2015 scheme
(1) This regulation applies to a relevant pension credit member (“CM”) where— (a) before 1st October 2023, the scheme manager provided a valuation of benefits, in respect of remediable service shareable rights of the corresponding pension debit member (“DM”), under regulation 3 of the 2000 Regulations (information about pensions and divorce and dissolution of a civil partnership: valuation of pension benefits), and (b) in respect of DM’s remediable service shareable rights, CM has a pension credit under the legacy scheme and the 2015 scheme. (2) Where this regulation applies, CM’s pension credit in respect of DM’s remediable service shareable rights must, by virtue of section 19(5) of PSPJOA 2022, be retained solely under the legacy scheme or solely under the 2015 scheme. (3) The scheme manager must, after having regard to the advice of the scheme actuary, determine— (a) a valuation of pension benefits, in respect of DM’s remediable service shareable rights and the legacy scheme corresponding pension credit, under section 29(1) of WRPA 1999 (creation of pension debits and credits), as though all DM’s remediable service before the transfer day were pensionable service under the legacy scheme, and (b) a valuation of pension benefits, in respect of DM’s remediable service shareable rights, and the 2015 scheme corresponding pension credit, under section 29(1) of WRPA 1999, as though all DM’s remediable service before the transfer day were pensionable service under the 2015 scheme. (4) CM must make an election to choose one of the pension credits, in respect of DM’s remediable service shareable rights, determined under paragraph (3). (5) The election referred to in paragraph (4) must— (a) be made by CM in writing; (b) be received by the scheme manager within a period— (i) of three months, beginning with the day after the scheme manager provides the notice referred to in paragraph (6), or (ii) that the scheme manager considers reasonable in all the circumstances of the case; and (c) contain such information as the scheme manager requires. (6) The scheme manager must inform CM of the right to make an election under paragraph (5) in a notice in writing to CM— (a) where the scheme manager discharged their liability under section 33(1) of WRPA 1999 (time for discharge of liability in respect of a pension credit) before 1st October 2023— (i) before 1st October 2024, or (ii) on such later date as the scheme manager considers reasonable in all the circumstances of the case, or (b) as soon as reasonably practicable after the day on which the scheme manager discharges their liability under that section, where the scheme manager does so after 30th September 2023. (7) The notice referred to in paragraph (6) must specify— (a) the valuation of pension benefits and corresponding pension credits calculated by the scheme manager, determined under paragraph (3); (b) the date by which an election under this regulation must be received by the scheme manager; and (c) that the election is irrevocable. (8) Where the scheme manager accepts such an election— (a) the adjusted pension credit, in respect of DM’s remediable service shareable rights, is retained under whichever of the legacy scheme and the 2015 scheme CM identified in the election, and (b) any pension credit, in respect of DM’s remediable service shareable rights, is extinguished under whichever of the legacy scheme and the 2015 scheme CM did not identify in the election. (9) The pension credit— (a) retained under paragraph (8)(a) has effect as though it had been retained under that scheme on the transfer day, (b) extinguished under paragraph (8)(b) has effect as though it had been extinguished under that scheme on the transfer day. (10) The personal representatives of CM may make an election under paragraph (4) where CM dies before making such an election. (11) Where the scheme manager does not receive an election within the period specified in paragraph (5)(b), the adjusted pension credit, in respect of DM’s remediable service shareable rights, must be retained under whichever of the legacy scheme or the 2015 scheme the scheme manager, after having regard to the advice of the scheme actuary, deems would be most beneficial to CM. (12) Where paragraph (8) or (11) applies, the scheme manager must send a notice in writing to CM or, as the case may be, CM’s personal representatives specifying— (a) the adjusted pension credit, in respect of DM’s remediable service shareable rights; (b) in which scheme that adjusted pension credit is retained; (c) details of the pension credit that is extinguished under paragraph (9)(b). (13) The scheme manager must send the notice mentioned in paragraph (12) within one month beginning with the day after the day on which the scheme manager accepts an election under paragraph (8).
34 Pension credits: valuation of pension benefits before 1st October 2023: pension credit adjustment: remediable service shareable rights under the legacy scheme and the 2015 scheme
(1) This regulation applies to a relevant pension credit member (“CM”) where— (a) before 1st October 2023, the scheme manager provided a valuation of benefits, in respect of remediable service shareable rights of the corresponding pension debit member (“DM”), under regulation 3 of the 2000 Regulations (information about pensions and divorce and dissolution of a civil partnership: valuation of pension benefits), and (b) in respect of DM’s remediable service shareable rights, CM has a pension credit under the legacy scheme and the 2015 scheme. (2) Where this regulation applies, CM’s pension credit in respect of DM’s remediable service shareable rights must, by virtue of section 19(5) of PSPJOA 2022, be retained solely under the legacy scheme or solely under the 2015 scheme. (3) The scheme manager must, after having regard to the advice of the scheme actuary, determine— (a) a valuation of pension benefits, in respect of DM’s remediable service shareable rights and the legacy scheme corresponding pension credit, under section 29(1) of WRPA 1999 (creation of pension debits and credits), as though all DM’s remediable service before the transfer day were pensionable service under the legacy scheme, and (b) a valuation of pension benefits, in respect of DM’s remediable service shareable rights, and the 2015 scheme corresponding pension credit, under section 29(1) of WRPA 1999, as though all DM’s remediable service before the transfer day were pensionable service under the 2015 scheme. (4) CM must make an election to choose one of the pension credits, in respect of DM’s remediable service shareable rights, determined under paragraph (3). (5) The election referred to in paragraph (4) must— (a) be made by CM in writing; (b) be received by the scheme manager within a period— (i) of three months, beginning with the day after the scheme manager provides the notice referred to in paragraph (6), or (ii) that the scheme manager considers reasonable in all the circumstances of the case; and (c) contain such information as the scheme manager requires. (6) The scheme manager must inform CM of the right to make an election under paragraph (5) in a notice in writing to CM— (a) where the scheme manager discharged their liability under section 33(1) of WRPA 1999 (time for discharge of liability in respect of a pension credit) before 1st October 2023— (i) before 1st October 2024, or (ii) on such later date as the scheme manager considers reasonable in all the circumstances of the case, or (b) as soon as reasonably practicable after the day on which the scheme manager discharges their liability under that section, where the scheme manager does so after 30th September 2023. (7) The notice referred to in paragraph (6) must specify— (a) the valuation of pension benefits and corresponding pension credits calculated by the scheme manager, determined under paragraph (3); (b) the date by which an election under this regulation must be received by the scheme manager; and (c) that the election is irrevocable. (8) Where the scheme manager accepts such an election— (a) the adjusted pension credit, in respect of DM’s remediable service shareable rights, is retained under whichever of the legacy scheme and the 2015 scheme CM identified in the election, and (b) any pension credit, in respect of DM’s remediable service shareable rights, is extinguished under whichever of the legacy scheme and the 2015 scheme CM did not identify in the election. (9) The pension credit— (a) retained under paragraph (8)(a) has effect as though it had been retained under that scheme on the transfer day, (b) extinguished under paragraph (8)(b) has effect as though it had been extinguished under that scheme on the transfer day. (10) The personal representatives of CM may make an election under paragraph (4) where CM dies before making such an election. (11) Where the scheme manager does not receive an election within the period specified in paragraph (5)(b), the adjusted pension credit, in respect of DM’s remediable service shareable rights, must be retained under whichever of the legacy scheme or the 2015 scheme the scheme manager, after having regard to the advice of the scheme actuary, deems would be most beneficial to CM. (12) Where paragraph (8) or (11) applies, the scheme manager must send a notice in writing to CM or, as the case may be, CM’s personal representatives specifying— (a) the adjusted pension credit, in respect of DM’s remediable service shareable rights; (b) in which scheme that adjusted pension credit is retained; (c) details of the pension credit that is extinguished under paragraph (9)(b). (13) The scheme manager must send the notice mentioned in paragraph (12) within one month beginning with the day after the day on which the scheme manager accepts an election under paragraph (8).
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