Regulation 9 Calculation and verification of rights under destination arrangements

(1)

Where section 342E of the 1986 Act^f1 applies, the value of a transferee’s rights under a destination arrangement, derived directly or indirectly from a pension-sharing transaction, shall be—

(a)

the cash equivalent of those rights at the date on which the trustee in bankruptcy’s request for that valuation is received by the responsible person; and

(b)

calculated and verified in accordance with paragraph (2) below.

(2)

In calculating and verifying the cash equivalent of the transferee’s rights referred to in paragraph (1) above, regulation 24 of the Pension Sharing (Pension Credit Benefit) Regulations 2000^f2 shall have effect for the purposes of this regulation in like manner to that in which it has effect for the calculation and verification of pension credit for the purposes of those Regulations.

Annotations

Footnotes

f1: Section 342E was inserted by paragraph 71 of Schedule 12 to the 1999 Act.
f2: S.I. 2000/1054.