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.