37.—(1) An election under section 6 or 10 of PSPJOA 2022 (election for new scheme benefits under Chapter 1 legacy scheme) is to be treated for the purposes of determining an individual’s relevant amount under Part 2 of Schedule 4 to FA 2016 (individual protection 2016)(1) as having taken effect on 5 April 2016.
(2) Section 7(1)(b) and section 11(3)(b) and (4) of PSPJOA 2022 (time at which elections take effect) are subject to paragraph (1).
2016 c. 24. “FA 2016” is defined as the Finance Act 2016 (c. 24) in section 103 of FA 2022. The “relevant amount” under Part 2 of Schedule 4 to FA 2016 may be found by carrying out the calculation found in paragraph 9(4) and (7) of that Schedule.