We are also experiencing this issue with 2.4.40 when we try to create
a replica from the primary.
our current workaround is to exclude the pwdPolicy objectclass:
olcSyncrepl: {0}rid=000
provider=ldap://127.0.0.1:389
type=refreshAndPersist
retry="5 5 300 +"
searchbase="dc=chi,dc=braintreepayments,dc=com"
attrs="*,+"
filter="(!(objectClass=pwdPolicy))"
bindmethod=simple
binddn="cn=admin,dc=chi,dc=braintreepayments,dc=com"
credentials=openldaptest
schemachecking=off