The Teachers’ Pension Scheme (Remediable Service) Regulations 2023
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Change 1
28 Requirement to determine the value of flexibilities in a member’s alternative scheme
(1) The scheme manager must, as soon as is practicable after 1st October 2023, determine— (a) where a remedy member paid remediable voluntary contributions to secure additional pension under the legacy scheme— (i) the equivalent value of additional pension that would have been secured under the reformed scheme if the remediable voluntary contributions had been paid to that scheme, and (ii) the amount which is equal to— (aa) the aggregate of the remediable voluntary contributions paid to secure the additional pension under the legacy scheme, less (bb) an amount in respect of the value of tax relief calculated in accordance with directions 5(5) to (9) of the PSP Directions 2022; (b) where a remedy member paid remediable voluntary contributions to secure reformed scheme flexibilities— (i) the rights to additional pension under the legacy scheme that would have been secured under that scheme if the remediable voluntary contributions had been paid to that scheme, and (ii) the amount which is equal to— (aa) the aggregate of the remediable voluntary contributions paid to secure the reformed scheme flexibility, less (bb) an amount in respect of the value of tax relief calculated in accordance with direction 5(5) to (9) of the PSP Directions 2022. (2) Where a determination is made in accordance with direction 5(8) of the PSP Directions 2022, the following apply— (a) direction 5(10) (provision of explanation); (b) direction 5(11) and (12) (appeals). (3) In making a determination under paragraph (1)— (a) the scheme manager must consult the scheme actuary, and (b) the scheme manager must treat any remediable voluntary contribution paid to— (i) the reformed scheme as if it was paid to the legacy scheme in the same relevant pension year in which it was paid to the reformed scheme; (ii) the legacy scheme as if it was paid to the reformed scheme in the same relevant pension year in which it was paid to the legacy scheme.
28 Requirement to determine the value of flexibilities in a member’s alternative scheme
(1) The scheme manager must, as soon as is practicable after 1st October 2023, determine— (a) where a remedy member paid remediable voluntary contributions to secure additional pension under the legacy scheme— (i) the equivalent value of additional pension that would have been secured under the reformed scheme if the remediable voluntary contributions had been paid to that scheme, and (ii) the amount which is equal to— (aa) the aggregate of the remediable voluntary contributions paid to secure the additional pension under the legacy scheme, less (bb) an amount in respect of the value of tax relief calculated in accordance with directions 5(5) to (9) of the PSP Directions 2022; (b) where a remedy member paid remediable voluntary contributions to secure reformed scheme flexibilities— (i) the rights to additional pension under the legacy scheme that would have been secured under that scheme if the remediable voluntary contributions had been paid to that scheme, and (ii) the amount which is equal to— (aa) the aggregate of the remediable voluntary contributions paid to secure the reformed scheme flexibility, less (bb) an amount in respect of the value of tax relief calculated in accordance with direction 5(5) to (9) of the PSP Directions 2022. (2) Where a determination is made in accordance with direction 5(8) of the PSP Directions 2022, the following apply— (a) direction 5(10) (provision of explanation); (b) direction 5(11) and (12) (appeals). (3) In making a determination under paragraph (1)— (a) the scheme manager must consult the scheme actuary, and (b) the scheme manager must treat any remediable voluntary contribution paid to— (i) the reformed scheme as if it was paid to the legacy scheme in the same relevant pension year in which it was paid to the reformed scheme; (ii) the legacy scheme as if it was paid to the reformed scheme in the same relevant pension year in which it was paid to the legacy scheme.
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