{
  "url": "https://openlegislation.uk/occupational-pension-schemes-contracted-out-protected-rights-premiums-regulations-1987/regulation-2",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-contracted-out-protected-rights-premiums-regulations-1987/regulation-2.json",
  "legislation": "uksi/1987/1103",
  "legislation_title": "The Occupational Pension Schemes (Contracted-out Protected Rights Premiums) Regulations 1987",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-contracted-out-protected-rights-premiums-regulations-1987",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Manner of calculation and verification of cash equivalents mentioned in section 44ZA(7) and (9)(a)(i) of the Social Security Pensions Act 1975",
  "text": "(1) Except in a case to which paragraph (3) below applies. the cash equivalent mentioned in section 58(3) of the Pension Schemes Act 1993 of protected rights (being those rights under a scheme, which has ceased to be a money purchase contracted-out scheme, whose cash equivalent is to be the amount of a contracted-out protected rights premium) shall be calculated and verified—\n(a) in such manner as may be approved in particular cases by the trustees or managers of the scheme, and\n(b) by adopting methods consistent with the requirements of sections 26 to 33 of that Act.\n(2) Except in a case to which paragraph (3) below applies, the cash equivalent mentioned in section 60(7)(a) of the Pension Schemes Act 1993 of a person's rights (being those rights under a scheme, which has ceased to be a money purchase contracted-out scheme, whose cash equivalent is to be used to supplement a contracted-out protected rights premium) shall be calculated and verified in such manner as may be approved in particular cases by the trustees or managers of the scheme.\n(3) In a case where the rights under a scheme mentioned in paragraph (1) or (2) above fall, either wholly or in part, to be valued in a manner which involves making estimates of the value of benefits, the cash equivalents of those rights shall be calculated and verified—\n(a) in such manner as may be approved in particular cases by—\n(i) a Fellow of the Institute of Actuaries, or\n(ii) a Fellow of the Faculty of Actuaries, or\n(iii) a person with other actuarial qualifications who is approved by the Secretary of State, at the request of the trustees or managers of the scheme in question, as being a proper person to act for the purposes of these regulations in connection with that scheme,\nand in this regulation “actuary” means any person such as is referred to in head (i), (ii) or (iii) of this sub-paragraph; and\n(b) by adopting methods and making assumptions which—\n(i) if not determined by the trustees or managers of the scheme in question, are notified to them by an actuary, and\n(ii) are certified by an actuary to the trustees or managers of the scheme as being consistent with “Retirement Benefit Schemes-Transfer Values (GN 11)” published by the Institute of Actuaries and the Faculty of Actuaries and current at the date of the calculation, and, in the case of protected rights, as being consistent with the requirements of sections 26 to 33 of the Pension Schemes Act 1993.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 2(1) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 12(2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 2(2) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 12(3)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 2(3)(b)(ii) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 12(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/1103/regulation/2",
    "retrieved_at": "2026-10-29T16:24:56.679748+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."
}