Regulation 3 Amendment of the Occupational Pension Schemes (Transfer Values) Regulations

(1)

The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996^f1 shall be amended in accordance with paragraphs (2) and (3).

(2)

In regulation 7B^f2 (initial cash equivalents for salary related benefits: assumptions)—

(a)

for the heading substitute “Initial cash equivalents for salary related benefits: assumptions and guidance”;

(b)

for paragraph (1) substitute—

“(1)
The trustees must calculate the initial cash equivalent for salary related benefits—

(a)
by using the assumptions determined under this regulation; and

(b)
where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.”;

(c)

in paragraph (4) for “The trustees must” substitute “Except where the scheme falls within paragraph (6), the trustees must”;

(d)

after paragraph (5) add—

“(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^f3.”.

(3)

In regulation 7C(2)^f4 (manner of calculation of initial cash equivalents for money purchase benefits) after “realisable value” insert “at the date of calculation”.

Annotations

Footnotes

f1: S.R. 1996 No. 619; relevant amending Regulations are S.R. 2008 No. 370
f2: Regulation 7B was inserted by regulation 4 of S.R. 2008 No. 370
f3: 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 [email protected]. 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
f4: Regulation 7C was inserted by regulation 4 of S.R. 2008 No. 370