Regulation 3 Amendments to the Divorce etc. (Pensions) Regulations 1996

For regulation 3(1)(a) there shall be substituted the following—

“(a)

regulation 5 of and Schedule 2 to the Occupational Pensions Schemes (Disclosure of Information) Regulations 1996^f1 and regulation 11 of and Schedule 1 to the Occupational Pension Schemes (Transfer Values) Regulations 1996^f2;

(aa)

section 93A of the Pension Schemes Act 1993^f3;”.

In regulation 3(3), for the words from “the cash equivalent” to the end of the paragraph, there shall be substituted the following:—

“(a)

in the case of an occupational pension scheme other than a salary related scheme, the cash equivalent to which he would have acquired a right under section 94(1)(a) of the Pension Schemes Act 1993^f4 if his pensionable service had terminated at the specified date, calculated on the assumption that he made an application under section 95 of that Act on that date;

(b)

in the case of a salary related occupational pension scheme, the guaranteed cash equivalent to which he would have acquired a right under section 94(1)(aa) of the Pension Schemes Act 1993^f5 if the guarantee date had fallen on the specified date and he had received a statement of entitlement in respect of that date and had made a application under section 95(1) of that Act within the period of three months beginning on that date.”.

In regulation 3(4), for the words from “the cash equivalent” to the end of the paragraph, there shall be substituted the following:—

“(a)

in the case of an occupational pension scheme other than a salary related scheme, the cash equivalent to which he acquired a right under section 94(1)(a) of the Pension Schemes Act 1993 on the termination of his pensionable service, calculated on the assumption that he made an application under section 95 of that Act on the specified date;

(b)

in the case of a salary related occupational pension scheme, the guaranteed cash equivalent to which he would have acquired a right under section 94(1)(aa) of the Pension Schemes Act 1993 if the guarantee date had fallen on the specified date and he had received a statement of entitlement in respect of that date and had made an application under section 95(1) of that Act within the three months beginning on that date.”.

In regulation 3(6), for “and (5)” there shall be substituted “, (5) and (7)”.

After regulation 3(6) there shall be inserted the following:—

“(7)

In relation to a personal pension scheme comprised in an annuity contract made before 4th January 1988, paragraph (5) shall apply as if such schemes were not excluded from the scope of Chapter IV of Part IV of that Act by the exception in section 93(1)(b) of that Act.”.