Regulation 3 Valuation

(1)

For the purposes of the court's functions in connection with the exercise of any of its powers under Schedule 5 to the Act of 2004, benefits under a pension arrangement shall be calculated and verified in the manner set out in regulation 3 of the Pensions on Divorce etc (Provision of Information) Regulations 2000 M1, and—

(a)

the benefits shall be valued as at a date to be specified by the court (being not earlier than one year before the date of the petition and not later than the date on which the court is exercising its power);

(b)

in determining that value the court may have regard to information furnished by the person responsible for the pension arrangement pursuant to any of the provisions set out in paragraph (2); and

(c)

in specifying a date under sub-paragraph (a) the court may have regard to the date specified in any information furnished as mentioned in sub-paragraph (b).

(2)

The relevant provisions for the purposes of paragraph (1)(b) are:

(a)

the Pensions on Divorce etc (Provision of Information) Regulations 2000;

(b)

regulation 5 of and Schedule 2 to the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 M2 and regulation 11 of and Schedule 1 to the Occupational Pension Schemes (Transfer Value) Regulations 1996 M3;

(c)

F1sections 93A and 94(1) of the Pension Schemes Act 1993 M4;

(d)

F2section 94(2) of the Pension Schemes Act 1993 or paragraph 2(a) (or, where applicable, 2(b)) of Schedule 2 to the Personal Pension Schemes (Disclosure of Information) Regulations 1987 M5.

Annotations

Textual amendments

F1: Words in reg. 3(2)(c) substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 8(a)
F2: Words in reg. 3(2)(d) substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 8(b)

Marginal citations

M1: S.I. 2000/1048; there are amending instruments but none is relevant.
M2: S.I. 1996/1655; as amended by S.I. 1997/786; S.I. 1997/3038; S.I. 1999/3198; S.I. 2000/1403; S.I. 2000/2691; S.I. 2002/459; S.I. 2002/1383.
M3: S.I. 1996/1847; as amended by S.I. 2005/72; there are other amending instruments but none is relevant.
M4: c. 48; section 93A was inserted by the Pensions Act 1995 section 153, subsection 1A was inserted by the Welfare Reform and Pensions Act 1999 section 84(1), Schedule 12 Part 1 paragraphs 28, 34; section 94(1)(a) was amended and sub-paragraph (aa) was inserted by the Pensions Act 1995 section 154(1), (2).
M5: S.I. 1987/1110; there are amending instruments but none is relevant.