SCHEDULE 3Modifying provisions and amendments
PART 2Modification of early leaver and other provisions
Preservation of benefit5
1
Chapter 1 of Part 4 of the PSA 1993 (protection for early leavers: preservation of benefit) is modified as follows in relation to P.
2
In the application of that Chapter to the old scheme—
a
in section 7072 (interpretation), in the definitions of “relevant employment” and “long service benefit” a reference to the scheme is to be taken as a reference to either the old scheme or this scheme;
b
in section 71(1) (basic principle as to short service benefit)—
i
the requirement for a scheme to make provision is to be taken as a requirement that either the old scheme or this scheme must make that provision;
ii
a reference to a transfer payment to the scheme is to be taken as a reference to a transfer payment either to the old scheme or to this scheme;
iii
a reference to termination of P’s pensionable service is to be taken as a reference to termination of P’s pensionable service under this scheme;
iv
a reference to benefit which would have been payable to P under the scheme is to be taken as a reference to benefit which would have been payable to P either under the old scheme or under this scheme,
and subsequent references in the Chapter to “short service benefit” are to be construed accordingly;
c
in section 71(5), a reference to termination of P’s pensionable service is to be taken as a reference to termination of P’s pensionable service under this scheme;
d
in section 71(7)(a), the reference to P’s pensionable service under the scheme is to be taken as a reference to P’s pensionable service either under the old scheme or under the old scheme and this scheme taken together; and
e
in sections 72(2) (no discrimination between short service and long service beneficiaries), 74(6) and (7) (computation of short service benefit), 75(3) and (4) (credits) and 76(1) and (3) (pension increases), a reference to termination of P’s pensionable service is to be taken as a reference to termination of P’s pensionable service under this scheme.
3
In the application of that Chapter to this scheme—
a
in section 70, in the definitions of “relevant employment” and “long service benefit” a reference to the scheme is to be taken as a reference to either the old scheme or this scheme;
b
in section 71(1)—
i
the requirement for a scheme to make provision is to be taken as a requirement that either the old scheme or this scheme must make that provision;
ii
a reference to a transfer payment to the scheme is to be taken as a reference to a transfer payment either to the old scheme or to this scheme;
iii
a reference to benefit which would have been payable to P under the scheme is to be taken as a reference to benefit which would have been payable to P either under the old scheme or under this scheme,
and subsequent references in the Chapter to “short service benefit” are to be construed accordingly;
c
in section 71(7)(a), the reference to P’s pensionable service under the scheme is to be taken as a reference to P’s pensionable service either under this scheme or under the old scheme and this scheme taken together; and
d
in section 74(6), in relation to pensionable service which is terminated, the reference to the beginning of that service is to be taken as a reference to the beginning of pensionable service under the old scheme.