2.K.8.—(1) This regulation applies where, on becoming a member of this Section of the scheme, a 2008 Section Optant is a pension debit member.
(2) The amount of the reduction to be made to the Optant’s benefits under this Section of the scheme is the amount of the reduction that applied to the Optant’s benefits under the 1995 Section calculated in accordance with section (reduction of benefit: sharing of rights under pension arrangements) of the 1999 Act adjusted by the factor referred to in paragraph (3).
(3) The factor referred to in paragraph (2) is the factor specified by the Scottish Ministers for that purpose.
(4) The Scottish Ministers may, after taking advice from the scheme actuary, make such modifications to—
(a)the Optant’s rights; and
(b)the form of the Optant’s benefits,
as the Scottish Ministers consider necessary for the purpose specified in paragraph (5).
(5) If in the opinion of the Scottish Ministers, it is necessary for the purpose of giving effect to the pension sharing order to which the Optant’s rights are subject for some or all of the benefits under this Section of the scheme to be taken in a different form from that in which that Optant would otherwise be entitled to take them, the Scottish Ministers may modify those benefits as described in paragraph (4).