The Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023
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Change 1
10 Members who took a transfer out of the fund before 1st October 2023
(1) This regulation applies to a person in category A, B or C— (a) who had a transfer out under regulation 96 of the 2013 Regulations before 1st October 2023; (b) who had a transfer out under regulation 96 of the 2013 Regulations calculated as at a date before, but paid on or after, 1st October 2023; or (c) in respect of whom a transfer payment was made under regulation 98 of the 2013 Regulations calculated as at a date before 1st October 2023. (2) The person’s provisional assumed benefits and a provisional underpin amount are to be calculated in accordance with regulations 4I and 4J respectively of the 2014 Regulations. (3) Where the transfer falls within paragraph (1)(a) or (b) and was a Club Transfer, the transfer value is to be recalculated in accordance with the Club Memorandum relating to that transfer. (4) Where the transfer falls within paragraph (1)(a) or (b) but was not a Club Transfer, the value of the transfer is to be recalculated in accordance with actuarial guidance issued by the Secretary of State, taking into account the member’s provisional underpin amount and provisional assumed benefits. (5) In paragraph (3) and (4), where the recalculated transfer value exceeds the value of the transfer falling within paragraph (1)(a) or (b) (as the case may be), the administering authority must take reasonable steps to pay the difference to the scheme that received the original transfer. (6) Where the transfer falls within paragraph (1)(c) an actuary appointed by the administering authority and an actuary appointed by the trustees or managers of the new Scheme must seek to agree whether an additional payment should be made to reflect the value of any of the person’s rights under regulations 4A to 4V of the 2014 Regulations. (7) Where the actuaries agree that a payment must be made, it should be made without undue delay to the trustees or managers of the new scheme for the benefit of the person. (8) In this regulation— “Club Memorandum” and “Club Transfer” have the meanings given in Schedule 1 to the 2013 Regulations; “new scheme” has the meaning given in regulation 98(1) of the 2013 Regulations.
10 Members who took a transfer out of the fund before 1st October 2023
(1) This regulation applies to a person in category A, B or C— (a) who had a transfer out under regulation 96 of the 2013 Regulations before 1st October 2023; (b) who had a transfer out under regulation 96 of the 2013 Regulations calculated as at a date before, but paid on or after, 1st October 2023; or (c) in respect of whom a transfer payment was made under regulation 98 of the 2013 Regulations calculated as at a date before 1st October 2023. (2) The person’s provisional assumed benefits and a provisional underpin amount are to be calculated in accordance with regulations 4I and 4J respectively of the 2014 Regulations. (3) Where the transfer falls within paragraph (1)(a) or (b) and was a Club Transfer, the transfer value is to be recalculated in accordance with the Club Memorandum relating to that transfer. (4) Where the transfer falls within paragraph (1)(a) or (b) but was not a Club Transfer, the value of the transfer is to be recalculated in accordance with actuarial guidance issued by the Secretary of State, taking into account the member’s provisional underpin amount and provisional assumed benefits. (5) In paragraph (3) and (4), where the recalculated transfer value exceeds the value of the transfer falling within paragraph (1)(a) or (b) (as the case may be), the administering authority must take reasonable steps to pay the difference to the scheme that received the original transfer. (6) Where the transfer falls within paragraph (1)(c) an actuary appointed by the administering authority and an actuary appointed by the trustees or managers of the new Scheme must seek to agree whether an additional payment should be made to reflect the value of any of the person’s rights under regulations 4A to 4V of the 2014 Regulations. (7) Where the actuaries agree that a payment must be made, it should be made without undue delay to the trustees or managers of the new scheme for the benefit of the person. (8) In this regulation— “Club Memorandum” and “Club Transfer” have the meanings given in Schedule 1 to the 2013 Regulations; “new scheme” has the meaning given in regulation 98(1) of the 2013 Regulations.
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