The Teachers’ Pension Scheme (Remediable Service) Regulations 2023
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Change 1
41 Reinstatement of reformed scheme flexibilities where reformed scheme benefits chosen
(1) Paragraph (2) applies— (a) in relation to— (i) rights to alternative legacy scheme additional pension conferred under regulation 38(2)(a), together with (ii) any rights treated as being rights to legacy scheme additional pension by virtue of regulation 38(2)(c), and (b) where a section 10 election is made (or deemed to have been made) in relation to M’s remediable teacher service. (2) Where this paragraph applies, the scheme manager must, having consulted the scheme actuary, vary the rights mentioned in paragraph (1)(a) so that they are equivalent to the rights to reformed scheme flexibilities that would have been secured had regulation 38(2) never taken effect in relation those rights. (3) Paragraph (4) applies— (a) in relation to rights which were extinguished under regulation 38(4)(b), (b) where payment of a compensatable amount in respect of those rights was waived in accordance with the terms of an agreement under regulation 39(2), and (c) where a section 10 election is made (or deemed to have been made) in relation to M’s remediable teacher service. (4) Where this paragraph applies— (a) the scheme manager must, having consulted the scheme actuary, confer rights under the legacy scheme that are equivalent to the extinguished rights mentioned in paragraph (3)(a), and (b) the right to payment of the compensatable amount is extinguished.
41 Reinstatement of reformed scheme flexibilities where reformed scheme benefits chosen
(1) Paragraph (2) applies— (a) in relation to— (i) rights to alternative legacy scheme additional pension conferred under regulation 38(2)(a), together with (ii) any rights treated as being rights to legacy scheme additional pension by virtue of regulation 38(2)(c), and (b) where a section 10 election is made (or deemed to have been made) in relation to M’s remediable teacher service. (2) Where this paragraph applies, the scheme manager must, having consulted the scheme actuary, vary the rights mentioned in paragraph (1)(a) so that they are equivalent to the rights to reformed scheme flexibilities that would have been secured had regulation 38(2) never taken effect in relation those rights. (3) Paragraph (4) applies— (a) in relation to rights which were extinguished under regulation 38(4)(b), (b) where payment of a compensatable amount in respect of those rights was waived in accordance with the terms of an agreement under regulation 39(2), and (c) where a section 10 election is made (or deemed to have been made) in relation to M’s remediable teacher service. (4) Where this paragraph applies— (a) the scheme manager must, having consulted the scheme actuary, confer rights under the legacy scheme that are equivalent to the extinguished rights mentioned in paragraph (3)(a), and (b) the right to payment of the compensatable amount is extinguished.
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