# The Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1987, the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 and the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 2006. Those Regulations set out the manner of calculating and verifying transfer values (the amount which may be transferred from one pension scheme to another).
Regulations 3(2) and 4(2) insert a requirement for trustees or managers of public service pension schemes to comply with guidance. The guidance is prepared, and where appropriate revised, by the Treasury. It sets out how discount rates are to be calculated. Discount rates are used by trustees or managers when calculating and verifying transfer values.
Regulations 2, 3(3) and 4(3) clarify amendments made by the Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008 (“the 2008 Regulations”). In calculating and verifying the transfer value for a money purchase scheme, trustees or managers are required to calculate the realisable value of the member’s pension benefits. These amendments specify that the realisable value is the value on the date the transfer value is calculated. Regulation 4(4) corrects a minor drafting error.
An assessment of the cost to business of these Regulations was detailed in a Regulatory Impact Assessment which accompanied the 2008 Regulations. Copies of that assessment have been laid in the Business Office and the Library of the Northern Ireland Assembly and are available from the Department for Social Development, Social Security Policy and Legislation Division, Level 1, James House, 2-4 Cromac Avenue, Gasworks Business Park, Ormeau Road, Belfast BT7 2JA.

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Source: https://www.legislation.gov.uk/nisr/2008/388/note (the official version)
Page: https://openlegislation.uk/occupational-and-personal-pension-schemes-transfer-values-amendment-regulations-northern-ireland-2008/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.