Regulation 4 Amendment of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations

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

for paragraph (1) substitute—

“(1)

The trustees or managers must calculate the initial cash transfer sum 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.”;

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

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.”.

in the heading for “cash transfer values” substitute “cash transfer sums”;

for “cash transfer value”, in each place where it occurs, substitute “cash transfer sum”.