The Teachers’ Pension Scheme (Remediable Service) Regulations 2023
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Change 1
58 Varying the value of benefits secured by virtue of transferred in remediable rights
(1) Where— (a) M is a deferred choice member, and (b) M’s transferred in remediable rights are treated as rights to benefits under the legacy scheme by virtue of regulation 57, the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under the legacy scheme if the rights had been transferred into that scheme. (2) A variation under paragraph (1) is to be treated as having taken effect when these Regulations come into force. (3) Where M is— (a) an immediate choice member, and— (i) an immediate choice decision has been made that no section 6 election is to be made in relation to M’s remediable teacher service, or (ii) the section 6 election period in relation to M has passed and no section 6 election has been made (or deemed to have been made) in relation to M’s remediable teacher service, and (b) M’s transferred in remediable rights are treated as rights to benefits under M’s legacy scheme by virtue of regulation 57, the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under M’s legacy scheme if the rights had been transferred into that scheme. (4) A variation under paragraph (3) is to be treated as having taken effect on the earlier of— (a) the time that an immediate choice decision (including a deemed section 6 election) is treated as having taken effect in relation to M’s remediable teacher service; (b) the end of the section 6 election period in relation to M. (5) Where— (a) the benefits payable to or in respect of M’s remediable teacher service are reformed scheme benefits by virtue of a section 6 election or a section 10 election (including, in either case, a deemed election), and (b) the benefits payable in relation to M’s transferred in remediable rights would otherwise be legacy scheme benefits, the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under the reformed scheme if the rights had been transferred into that scheme. (6) A variation under paragraph (5) is to be treated as having taken effect when the election (or deemed election) is treated as having taken effect in relation to M’s remediable teacher service. (7) Where the scheme manager is required to vary the value of any rights under this regulation so that they are equivalent to rights that would have been secured in another scheme (“the alternative scheme”), the scheme manager must— (a) where the rights were secured by virtue of a remediable transfer value, first consult the scheme actuary, and (b) calculate the varied rights as if the remediable value which originally secured rights under a teacher pension scheme were transferred into the alternative scheme in the relevant pension year that the transfer occurred. (8) In paragraph (7), “relevant pension year” has the meaning given by direction 4(14)(f)(i) of the PSP Directions 2022.
58 Varying the value of benefits secured by virtue of transferred in remediable rights
(1) Where— (a) M is a deferred choice member, and (b) M’s transferred in remediable rights are treated as rights to benefits under the legacy scheme by virtue of regulation 57, the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under the legacy scheme if the rights had been transferred into that scheme. (2) A variation under paragraph (1) is to be treated as having taken effect when these Regulations come into force. (3) Where M is— (a) an immediate choice member, and— (i) an immediate choice decision has been made that no section 6 election is to be made in relation to M’s remediable teacher service, or (ii) the section 6 election period in relation to M has passed and no section 6 election has been made (or deemed to have been made) in relation to M’s remediable teacher service, and (b) M’s transferred in remediable rights are treated as rights to benefits under M’s legacy scheme by virtue of regulation 57, the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under M’s legacy scheme if the rights had been transferred into that scheme. (4) A variation under paragraph (3) is to be treated as having taken effect on the earlier of— (a) the time that an immediate choice decision (including a deemed section 6 election) is treated as having taken effect in relation to M’s remediable teacher service; (b) the end of the section 6 election period in relation to M. (5) Where— (a) the benefits payable to or in respect of M’s remediable teacher service are reformed scheme benefits by virtue of a section 6 election or a section 10 election (including, in either case, a deemed election), and (b) the benefits payable in relation to M’s transferred in remediable rights would otherwise be legacy scheme benefits, the scheme manager must vary the value of those rights so that they are of an equivalent value to rights M would have secured under the reformed scheme if the rights had been transferred into that scheme. (6) A variation under paragraph (5) is to be treated as having taken effect when the election (or deemed election) is treated as having taken effect in relation to M’s remediable teacher service. (7) Where the scheme manager is required to vary the value of any rights under this regulation so that they are equivalent to rights that would have been secured in another scheme (“the alternative scheme”), the scheme manager must— (a) where the rights were secured by virtue of a remediable transfer value, first consult the scheme actuary, and (b) calculate the varied rights as if the remediable value which originally secured rights under a teacher pension scheme were transferred into the alternative scheme in the relevant pension year that the transfer occurred. (8) In paragraph (7), “relevant pension year” has the meaning given by direction 4(14)(f)(i) of the PSP Directions 2022.
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