The Firefighters’ Pensions (Remediable Service) (Wales) Regulations 2023

Information provided before 1 October 2023: applying a remediable credit adjustment

24.—(1) This regulation applies where C’s pension credit account is subject to a remediable credit adjustment.

(2) The scheme manager must adjust C’s pension account by an amount equal to the remediable credit adjustment.

(3) An adjustment made under paragraph (2) has effect as if it had been made on the transfer day.

(4) In paragraph (2), “C’s pension account” means, where C has, in relation to the relevant pension sharing order—

(a)a pension credit in only one firefighters’ pension scheme, C’s pension credit member account under that scheme;

(b)a pension credit in a legacy scheme and the 2015 scheme—

(i)the pension account identified by C in a request made in accordance with paragraph (5), or

(ii)if no request is made in accordance with paragraph (5), C’s pension account under the legacy scheme.

(5) A request is made in accordance with this paragraph if—

(a)it is made in writing to the scheme manager,

(b)it is in a form determined by the scheme manager,

(c)it clearly identifies which of C’s pension accounts C wants adjusted, and

(d)it is received by the scheme manager by—

(i)the end of the day 6 months after the date the statement required by regulation 23(3) was provided to C, or

(ii)the end of such later day that the scheme manager considers reasonable in all the circumstances.

(6) A request made in accordance with paragraph (5) is irrevocable.

(7) Section 14(3) to (6) of the PSPJOA 2022 applies in relation to C as it applies in relation to a member described in section 14(1) as if—

(a)a reference to a Chapter 1 legacy scheme were a reference to the firefighters’ pension scheme in which C has a pension credit;

(b)a reference to M’s remediable service in an employment were a reference to C’s pension credit;

(c)a reference to the effect, if any, of sections 2(1) and 6(4) were a reference to the effect, if any, of this regulation;

(d)the term “operative time” means the time at which the adjustment mentioned in paragraph (2) is made (disregarding paragraph (3)).