Regulation 3 Valuation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 3(1)(a)(aa) substituted for reg. 3(1)(a) by Divorce etc. (Pensions) 1997 reg. 3(1)
reg. 3(3) words substituted by Divorce etc. (Pensions) 1997 reg. 3(2)
reg. 3(4) words substituted by Divorce etc. (Pensions) 1997 reg. 3(3)
reg. 3(6) words substituted by Divorce etc. (Pensions) 1997 reg. 3(4)
reg. 3(7) inserted by Divorce etc. (Pensions) 1997 reg. 3(5)

(1)

The value of any benefits which a party has under a pension scheme shall be calculated and verified, for the purposes of orders under section 23, in accordance with this regulation; and in calculating that value the court may have regard to any information furnished by the trustees or managers of the pension scheme pursuant to —

(a)

regulation 6 of and Schedule 2 to the Occupational Pension Schemes (Disclosure of Information) Regulations 1986^f1;

(b)

paragraph 2(a) (or, where applicable, 2(b)) of Schedule 2 to the Personal Pension Schemes (Disclosure of Information) Regulations 1987^f2; or

(c)

regulation 4 below.

(2)

The value mentioned in paragraph (1) above shall be calculated as at a date to be specified by the court (“the specified date”), being not earlier than the date of the petition and not later than the date of the order; and in specifying a date the court may have regard to the date specified in any information furnished as mentioned in paragraph (1) above.

(3)

Where the party with pension rights is an active member of an occupational pension scheme, the value of the benefits which he has under that scheme shall be taken to be the cash equivalent to which he would have acquired a right under section 94(1)(a) of the Pension Schemes Act 1993^f3 if his pensionable service had terminated at the specified date.

(4)

Where the party with pension rights is a deferred member of an occupational pension scheme, the value of the benefits which he has under that scheme shall be taken to be the cash equivalent to which he acquired a right under section 94(1)(a) of that Act on the termination of his pensionable service.

(5)

Where the party with pension rights is a member of a personal pension scheme, the value of the benefits which he has under that scheme shall be taken to be the cash equivalent to which he would have acquired a right under section 94(1)(b) of that Act if he had made an application under section 95(1) of that Act on the specified date.

(6)

Except as provided in paragraphs (3), (4) and (5), the court shall calculate the value of any benefits under the scheme which a party has or is likely to have by such method as it shall see fit.

Annotations

Footnotes

f1: S.I. 1986 No. 1046, as amended by S.I. 1989/1641, 1992/1531 and 1994/1062.
f2: S.I. 1987/1110.
f3: 1993 c. 48.