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The Firefighters’ Pension (Wales) Scheme (Amendment and Transitional Provisions) Order 2016

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Transitional provision

3.—(1) A fire and rescue authority must pay the required amount as described in paragraph (3) to a firefighter who falls within paragraph (2).

(2) A firefighter falls within this paragraph if in the period beginning on 1 December 2006 and ending on 31 December 2016 the firefighter paid pensions contributions pursuant to rule G2(1) of the Firefighters’ Pension (Wales) Scheme which as a consequence of article 2(2) of this Order did not fall to be payable.

(3) The required amount is a lump sum equal to , where—

  • A is the total value of each contribution paid net of any tax that would have been payable by the firefighter had the contribution not been paid;

  • B is the interest on A calculated in accordance with paragraph (4); and

  • C is 100/60.

(4) Interest must be—

(a)calculated separately in relation to each contribution paid; and

(b)applied on a compound basis at the past interest rate on a day to day basis for the period specified in paragraph (5).

(5) The period specified for the purposes of paragraph (4)(b) begins on the first day of the month in which each contribution was paid and ends on the last day of the month before the month in which the payment of the required amount is made.

(6) Where a payment is required to be made under paragraph (1) in respect of a firefighter who died before 31 December 2016 or who dies on or after that date but before the payment is made, the fire and rescue authority must pay the sum due to the firefighter’s personal representatives.

(7) For the purposes of this article—

“Bank of England base rate” (“cyfradd sylfaenol Banc Lloegr”) means—

(a)

the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets; or

(b)

where an order under section 19 (reserve powers) of the Bank of England Act 1998(1) is in force, any equivalent rate determined by the Treasury under that section;

“fire and rescue authority” (“awdurdod tân ac achub”) has the same meaning as in the Fire and Rescue Services Act 2004(2); and

“past interest rate” (“cyfradd log flaenorol”) is a rate equivalent to the Bank of England base rate applicable on each day of the period specified in paragraph (5).

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