The Judicial Pensions (Remediable Service etc.) Regulations 2023
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Change 1
52 Adjustments for pension credit members
(1) The scheme manager must, after consultation with the scheme actuary and before the beginning of the relevant period, provide C with a statement of— (a) C’s 2015 scheme remediable pension amount, (b) C’s legacy scheme remediable pension amount, and (c) C’s remediable pension credit. (2) Where the value of C’s 2015 scheme remediable pension amount exceeds the value of C’s legacy scheme remediable pension amount, both calculated on the valuation day at the end of the relevant period, C becomes entitled to a remediable pension credit, such credit to take effect as if it had been added to C’s rights in C’s judicial legacy scheme on the transfer day. (3) Where C becomes entitled to a remediable pension credit under this regulation, C is entitled to rights under paragraph 1 of Schedule 2A to JUPRA 1993 in respect of that remediable pension credit. (4) In this regulation— “2015 scheme remediable pension amount” means— where the pension sharing order specified a percentage value to be transferred from P’s judicial legacy scheme, the specified percentage of the cash equivalent of P’s relevant benefits on the valuation day calculated as if the relevant benefits were in the 2015 scheme; where the pension sharing order specified an amount to be transferred from P’s judicial legacy scheme, the percentage which this amount represented of the cash equivalent of P’s relevant benefits in P’s judicial legacy scheme on the valuation day (disregarding any 2015 scheme election), calculated instead as if P’s relevant benefits were in the 2015 scheme; “legacy scheme remediable pension amount” means— where the pension sharing order specified a percentage value to be transferred from P’s judicial legacy scheme, the specified percentage of the cash equivalent of P’s relevant benefits on the valuation day calculated as if the relevant benefits were in P’s judicial legacy scheme; where the pension sharing order specified an amount to be transferred from P’s judicial legacy scheme, the percentage which this amount represented of the cash equivalent of P’s relevant benefits in P’s judicial legacy scheme on the valuation day (disregarding any 2015 scheme election) calculated as if the relevant benefits were in P’s judicial legacy scheme; “remediable pension credit” means the greater of— zero, and the 2015 scheme remediable pension amount minus the legacy scheme remediable pension amount.
52 Adjustments for pension credit members
(1) The scheme manager must, after consultation with the scheme actuary and before the beginning of the relevant period, provide C with a statement of— (a) C’s 2015 scheme remediable pension amount, (b) C’s legacy scheme remediable pension amount, and (c) C’s remediable pension credit. (2) Where the value of C’s 2015 scheme remediable pension amount exceeds the value of C’s legacy scheme remediable pension amount, both calculated on the valuation day at the end of the relevant period, C becomes entitled to a remediable pension credit, such credit to take effect as if it had been added to C’s rights in C’s judicial legacy scheme on the transfer day. (3) Where C becomes entitled to a remediable pension credit under this regulation, C is entitled to rights under paragraph 1 of Schedule 2A to JUPRA 1993 in respect of that remediable pension credit. (4) In this regulation— “2015 scheme remediable pension amount” means— where the pension sharing order specified a percentage value to be transferred from P’s judicial legacy scheme, the specified percentage of the cash equivalent of P’s relevant benefits on the valuation day calculated as if the relevant benefits were in the 2015 scheme; where the pension sharing order specified an amount to be transferred from P’s judicial legacy scheme, the percentage which this amount represented of the cash equivalent of P’s relevant benefits in P’s judicial legacy scheme on the valuation day (disregarding any 2015 scheme election), calculated instead as if P’s relevant benefits were in the 2015 scheme; “legacy scheme remediable pension amount” means— where the pension sharing order specified a percentage value to be transferred from P’s judicial legacy scheme, the specified percentage of the cash equivalent of P’s relevant benefits on the valuation day calculated as if the relevant benefits were in P’s judicial legacy scheme; where the pension sharing order specified an amount to be transferred from P’s judicial legacy scheme, the percentage which this amount represented of the cash equivalent of P’s relevant benefits in P’s judicial legacy scheme on the valuation day (disregarding any 2015 scheme election) calculated as if the relevant benefits were in P’s judicial legacy scheme; “remediable pension credit” means the greater of— zero, and the 2015 scheme remediable pension amount minus the legacy scheme remediable pension amount.
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