Regulation 86 Changes of fundI1

England, Wales and Scotland Not yet in force

(1)

This regulation applies where —

(a)

a pension fund becomes an active member’s appropriate fund;

(b)

immediately before it does so, another fund was his appropriate fund; and

(c)

in a case where regulation 16 (re-employed and rejoining deferred members), 17 (concurrent employment) or 46(4) (rights to return of contributions) applies to him, he has made a choice or election under the relevant regulation.

(2)

Where the member’s appropriate administering authority has also changed, the authority which has ceased to be the member’s appropriate administering authority must make such payment to his later appropriate administering authority as is indicated in guidance issued by the Government Actuary for the purposes of this regulation.

(3)

Where paragraph (2) applies as respects 10 or more members by virtue of a single event, the amount of the payment under that paragraph shall be determined by agreement between the actuary appointed by the administering authority by which the payment must be made and the actuary appointed by the administering authority to which it must be made.

(4)

Where the actuaries cannot agree on the amount within 12 months of the date of transfer or, where there is more than one date of transfer, the date of the last transfer which relates to the single event—

(a)

the matter shall be referred to a third actuary, chosen by agreement between the actuaries or, in default of agreement, by the President of the Institute of Actuaries; and

(b)

his determination shall be final.

(5)

The costs of determining the amount to be transferred shall be paid in equal shares by the members’ former appropriate fund and the members’ new appropriate fund.

(6)

Any payment under paragraph (2) must be credited to the new appropriate administering authority’s fund.

(7)

Where the member’s appropriate administering authority has not changed, it must arrange for a payment such as is indicated in guidance issued by the Government Actuary for the purposes of this regulation to be made from the member’s former appropriate fund to his new appropriate fund.

(8)

Paragraph (1) does not apply where a member enters an employment which is concurrent with another in which he is also an active member.

Annotations

Commencement

I1: Reg. 86 in force at 1.4.2008, see reg. 1(1)