{
  "url": "https://openlegislation.uk/occupational-and-personal-pension-schemes-transfer-values-amendment-regulations-2008/regulation-4",
  "json_url": "https://openlegislation.uk/occupational-and-personal-pension-schemes-transfer-values-amendment-regulations-2008/regulation-4.json",
  "legislation": "uksi/2008/2450",
  "legislation_title": "The Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/occupational-and-personal-pension-schemes-transfer-values-amendment-regulations-2008",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Amendment of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations 2006",
  "text": "(1) The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations 2006 are amended in accordance with this regulation.\n(2) In regulation 2B (initial cash transfer sum for salary related benefits: assumptions)—\n(a) for the heading and paragraph (1), substitute—\n“Initial cash transfer sum for salary related benefits: assumptions and guidance\n2B. (1) The trustees or managers must calculate the initial cash transfer sum for salary related benefits—\n(a) by using the assumptions determined under this regulation; and\n(b) where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.”;\n(b) in paragraph (4), for “The trustees or” substitute “Except where the scheme falls within paragraph (6), the trustees or”; and\n(c) after paragraph (5), insert—\n“(6) A scheme falls within this paragraph if it is a public service pension scheme in respect of which guidance has been prepared, and from time to time revised, by the Treasury for calculating the discount rates.”.\n(3) In regulation 2C(2) (manner of calculation of initial cash transfer sums for money purchase benefits), after “realisable value” insert “at the date of calculation”.\n(4) In regulation 2D (alternative manner of calculating and verifying cash transfer values)—\n(a) in the heading, for “cash transfer values” substitute “cash transfer sums”; and\n(b) in all four places where “cash transfer value” appears, substitute “cash transfer sum”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2006/33."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Regulation 2B was inserted by S.I. 2008/1050."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "The Treasury have issued guidance entitled “Basis for setting the discount rate for calculating cash equivalent transfer values payable by public service pension schemes”. A copy of the guidance can be obtained from The Correspondence & Enquiry Unit, 2/W1, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and public.enquiries@hm-treasury.gsi.gov.uk. It is also available on the internet at http://www.hm-treasury.gov.uk/documents/taxation_work_and_welfare/public_service_pensions/tax_pensions_guidance.cfm."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Regulation 2C was inserted by S.I. 2008/1050."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Regulation 2D was inserted by S.I. 2008/1050."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/2450/regulation/4",
    "retrieved_at": "2026-10-29T03:24:27.699486+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}