Pension benefits and lump sum benefits in relation to a remediable value
48.—(1) This regulation applies in relation to any benefits that have been in relation to a remediable value accepted in relation to an immediate choice member.
(2) Where, at the operative time—
(a)the aggregate of benefits that (after taking into account the effect, if any, of regulation 47) have been paid under the legacy scheme to any person (“the beneficiary”) in respect of M’s transferred in remediable rights, exceeds
(b)the aggregate of the benefits to which (after taking into account the effect, if any, of regulation 45 in relation to the rights) the beneficiary is entitled under the scheme in respect of the rights,
the beneficiary must pay an amount equal to the difference to the scheme.
(3) Where, at the operative time—
(a)the amount mentioned in paragraph (2)(a), is less than
(b)the amount mentioned in paragraph (2)(b),
the scheme manager must pay an amount equal to the difference to the beneficiary.
(4) In this regulation, “the operative time” means—
(a)if an immediate choice decision is made in relation to M’s remediable service as a firefighter, the time the decision is made;
(b)otherwise, the end of the section 6 election period in relation to M.