The Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023

Made: 5th September 2023

Laid before Parliament: 8th September 2023

Coming into force: 1st October 2023

These Regulations are made in accordance with Treasury Directions made under section 85 of the Public Service Pensions and Judicial Offices Act 2022.

PART 1 — General provision

Citation, commencement, extent and interpretation

1

• (1) These Regulations may be cited as the Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023.

• (2) These Regulations come into force on 1st October 2023.

• (3) These Regulations extend to England and Wales.

• (4) In these Regulations—

• “the 2013 Regulations” means the Local Government Pension Scheme Regulations 2013[^f00003];

• “the 2014 Regulations” means the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014[^f00004].

PART 2 — Amendments relating to the statutory underpin

Amendment of the Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014

2

• (1) The 2014 Regulations are amended as follows.

• (2) In regulation 1 (citation, extent, commencement and application)—

• (a) in paragraph (6)—

• (i) after the definition of “the Earlier Regulations” insert—

• “eligible member” has the meaning given in regulation 4A(2);
• “final assumed benefits” means the benefits calculated in accordance with regulation 4K;
• “final guarantee amount” is the amount by which the eligible member’s final assumed benefits are exceeded by their final underpin amount (if at all) in respect of a pension account;
• “final underpin amount” means the amount calculated in accordance with regulation 4L;
• “final underpin date” has the meaning given in regulation 4H(1);
• “provisional assumed benefits” means the benefits calculated in accordance with regulation 4I;
• “provisional underpin amount” means the amount calculated in accordance with regulation 4J;
• “PSP Directions 2022” means the Public Service Pensions (Exercise of Powers, Compensation and Information) Directions 2022[^f00005];
• “PSPJOA 2022” means the Public Service Pensions and Judicial Offices Act 2022;

• (ii) after the definition of “public service pension scheme”, insert—

• “underpin date” has the meaning given in regulation 4G;
• “underpin period” has the meaning given in regulation 4A(3)

• (b) after paragraph (6), insert—

(7) In regulations 4A to 4V, a reference to actuarial guidance issued by the Secretary of State has the meaning given in Schedule 1 to the 2013 Regulations. (8) Where these Regulations refer to the PSP Directions 2022, a reference to “scheme manager” in those Directions is to be read as “administering authority”.

• (3) Omit regulation 4 (statutory underpin).

• (4) Before regulation 5, insert—