PART 6Transfers

CHAPTER 3Transfers on a club basis

SECTION 1Club transfers before 1 October 2023

Club transfers out before 1 October 2023 50

1

This regulation applies in relation to each member (“M”) in respect of whom the scheme manager paid a remediable club transfer value before 1 October 2023.

2

The scheme manager must calculate the following amounts—

a

the club transfer value of M’s rights under a teacher pension scheme as if M’s remediable rights had been secured in M’s legacy scheme,

b

the club transfer value of M’s rights under a teacher pension scheme as if M’s remediable rights had been secured in the reformed scheme.

3

The scheme manager must provide to the receiving scheme the result of the calculations mentioned in paragraph (2).

4

Where the receiving is a local government scheme (within the meaning of section 86(1) of PSPJOA 2022), and—

a

the greater of the amounts calculated under paragraph (2) (“x”) is greater than

b

the amount of the remediable transfer value (“y”),

the scheme manager must pay the receiving scheme an amount equal to x y.

5

A payment made under paragraph (4) is subject to the same conditions as the remediable club transfer value.