The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 2007
S.I. 2007/366 · Made 9 February 2007
PENSIONS
Made 9th February 2007
Laid before Parliament 16th February 2007
Coming into force 6th April 2007
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 181(1) and 182(2) of, and paragraph 5(3C)(c) of Schedule 2 to, the Pension Schemes Act 1993f1, and by section 176(1) of, and paragraph 5(3C)(c) and (4A) of Schedule 1 to, the Pension Schemes (Northern Ireland) Act 1993f2 and now vested in himf3.
Consultation was not carried out because in the case of Great Britain the obligation to consult does not apply to regulations prescribing actuarial tables; and in the case of Northern Ireland there is no obligation to consultf4.
Annotations to the whole text
Footnotes
- f1
-
1993 c.48. Paragraphs 5(3A) to (3E) of Schedule 2 were inserted by section 141(2) of the Pensions Act 1995 (c.26) and amended by paragraph 62(4)(c) of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c.2). Section 181(1) is cited because of the meaning it gives to “prescribed” and “regulations”.
- f2
-
1993 c.49. Paragraphs 5(3A) to (3E) of Schedule 1 were inserted by Article 138(2)(b) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and amended by paragraph 77(5)(c) of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc.) (Northern Ireland) Order 1999 (S.I. 1999/671) (“the 1999 Order”) and paragraph 5(4A) (which is cited for the meanings it gives to “regulations” and “prescribed”) was inserted by paragraph 77(5)(d) of Schedule 1 to the 1999 Order. Section 176(1) is cited for the meaning it gives to “prescribe”.
- f3
-
See paragraph 5(4A) of Schedule 1 to the Pension Schemes (Northern Ireland) Act 1993, as inserted by paragraph 77(5)(d) of Schedule 1 to the 1999 Order.
- f4
-
See section 185(2)(a) of the Pension Schemes Act 1993 as it applies to regulation 2. See section 180 of the Pension Schemes (Northern Ireland) Act 1993, as it applies to regulation 3, which sets out those powers under which there is an obligation to consult on regulations; section 176(1) of, and paragraphs 5(3C)(c) and (4A) of Schedule 1 to, that Act are not powers which impose an obligation to consult on regulations made under that section.
Contents
- 1Citation, commencement, interpretation and application
- 2Amendment of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998
- 3Amendment of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998
- Signature
- Schedule 1: TABLES TO BE SUBSTITUTED IN SCHEDULE 1 TO THE 1998 REGULATIONS
- TABLE 1MEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO ARE UNDER PENSIONABLE AGE
- TABLE 2WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE A PENSIONABLE AGE OF 65 AND ARE UNDER THAT AGE
- TABLE 3WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE A PENSIONABLE AGE OF 60 AND ARE UNDER THAT AGE
- TABLE 4WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE A PENSIONABLE AGE BETWEEN 60 AND 65 AND ARE UNDER THAT AGE
- TABLE 5MEN AND WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE ATTAINED PENSIONABLE AGE
- TABLE 6SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS
- Schedule 2: TABLE TO BE SUBSTITUTED IN SCHEDULE 2 TO THE 1998 REGULATIONS
- TABLEFOR DERIVING THE INDEX NUMBER FROM 15-YEAR GROSS REDEMPTION YIELD: EFFECTIVE DATE ON OR AFTER 6th APRIL 2007
- Explanatory note
1Citation, commencement, interpretation and application
These Regulations may be cited as the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 2007.
These Regulations come into force on 6th April 2007.
Regulations 2 and 3 apply if the effective date is on or after 6th April 2007.
In paragraph (3) “the effective date” means—
in the case of regulation 2, the date on which Her Majesty’s Revenue and Customs determine for the purposes of paragraph 5(3A) to (3E) of Schedule 2 to the Pension Schemes Act 1993 (resources of scheme insufficient on winding up) the extent to which the resources of a scheme are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme; and
in the case of regulation 3, the date on which Her Majesty’s Revenue and Customs determine for the purposes of paragraph 5(3A) to (3E) of Schedule 1 to the Pension Schemes (Northern Ireland) Act 1993 (resources of scheme insufficient on winding up) the extent to which the resources of a scheme are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme.
This regulation, in so far as it relates to regulation 2, and regulation 2 apply to England, Wales and Scotland.
This regulation, in so far as it relates to regulation 3, and regulation 3 apply to Northern Ireland.
2Amendment of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998
Amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998f1 (“the 1998 Regulations”) as follows.
For the tables in Schedule 1f2 substitute the tables set out in Schedule 1 to these Regulations.
For the table in Schedule 2f3 substitute the table set out in Schedule 2 to these Regulations.
3Amendment of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998
Amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998f1 (“the 1998 Regulations”) as follows.
For the tables in Schedule 1f2 substitute the tables set out in Schedule 1 to these Regulations.
For the table in Schedule 2f3 substitute the table set out in Schedule 2 to these Regulations.
Signature
Signed by authority of the Secretary of State for Work and Pensions.
James Purnell
Minister of State,
Department for Work and Pensions
9th February 2007
TABLE 1MEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO ARE UNDER PENSIONABLE AGE
| Age attained in relevant tax year | Factor A | Factor B1 | Factor B2 | Factor C1 | Factor C2 |
|---|---|---|---|---|---|
| 16 | 5.03 | 3.53 | 3.97 | 4.34 | 4.87 |
| 17 | 5.14 | 3.62 | 4.06 | 4.45 | 4.98 |
| 18 | 5.26 | 3.71 | 4.15 | 4.56 | 5.09 |
| 19 | 5.38 | 3.81 | 4.25 | 4.67 | 5.21 |
| 20 | 5.50 | 3.90 | 4.34 | 4.79 | 5.33 |
| 21 | 5.63 | 4.01 | 4.44 | 4.91 | 5.45 |
| 22 | 5.75 | 4.11 | 4.55 | 5.04 | 5.58 |
| 23 | 5.88 | 4.21 | 4.65 | 5.16 | 5.70 |
| 24 | 6.02 | 4.32 | 4.76 | 5.30 | 5.83 |
| 25 | 6.16 | 4.43 | 4.87 | 5.43 | 5.97 |
| 26 | 6.30 | 4.55 | 4.99 | 5.57 | 6.11 |
| 27 | 6.44 | 4.67 | 5.10 | 5.71 | 6.25 |
| 28 | 6.59 | 4.79 | 5.22 | 5.86 | 6.39 |
| 29 | 6.75 | 4.91 | 5.35 | 6.01 | 6.54 |
| 30 | 6.90 | 5.04 | 5.47 | 6.17 | 6.69 |
| 31 | 7.07 | 5.18 | 5.61 | 6.33 | 6.85 |
| 32 | 7.23 | 5.31 | 5.74 | 6.49 | 7.01 |
| 33 | 7.41 | 5.45 | 5.88 | 6.66 | 7.18 |
| 34 | 7.58 | 5.60 | 6.02 | 6.84 | 7.35 |
| 35 | 7.77 | 5.75 | 6.17 | 7.03 | 7.53 |
| 36 | 8.03 | 5.96 | 6.38 | 7.28 | 7.79 |
| 37 | 8.30 | 6.17 | 6.59 | 7.54 | 8.04 |
| 38 | 8.57 | 6.39 | 6.81 | 7.80 | 8.31 |
| 39 | 8.84 | 6.61 | 7.02 | 8.07 | 8.57 |
| 40 | 9.11 | 6.84 | 7.24 | 8.34 | 8.84 |
| 41 | 9.39 | 7.06 | 7.46 | 8.62 | 9.11 |
| 42 | 9.67 | 7.29 | 7.69 | 8.89 | 9.38 |
| 43 | 9.95 | 7.52 | 7.91 | 9.18 | 9.65 |
| 44 | 10.24 | 7.76 | 8.14 | 9.47 | 9.93 |
| 45 | 10.53 | 8.00 | 8.38 | 9.76 | 10.22 |
| 46 | 10.82 | 8.24 | 8.61 | 10.06 | 10.50 |
| 47 | 11.12 | 8.49 | 8.85 | 10.36 | 10.79 |
| 48 | 11.48 | 8.74 | 9.08 | 10.72 | 11.14 |
| 49 | 11.85 | 8.99 | 9.32 | 11.09 | 11.50 |
| 50 | 12.22 | 9.24 | 9.56 | 11.46 | 11.86 |
| 51 | 12.66 | 9.54 | 9.85 | 11.90 | 12.28 |
| 52 | 13.10 | 9.84 | 10.13 | 12.34 | 12.70 |
| 53 | 13.53 | 10.14 | 10.41 | 12.78 | 13.12 |
| 54 | 13.97 | 10.43 | 10.68 | 13.22 | 13.54 |
| 55 | 14.40 | 10.72 | 10.95 | 13.66 | 13.96 |
| 56 | 14.82 | 11.00 | 11.21 | 14.09 | 14.37 |
| 57 | 15.24 | 11.27 | 11.47 | 14.52 | 14.77 |
| 58 | 15.64 | 11.54 | 11.71 | 14.95 | 15.17 |
| 59 | 16.04 | 11.80 | 11.94 | 15.37 | 15.55 |
| 60 | 16.44 | 12.05 | 12.17 | 15.78 | 15.93 |
| 61 | 16.82 | 12.29 | 12.38 | 16.19 | 16.31 |
| 62 | 17.20 | 12.53 | 12.59 | 16.59 | 16.67 |
| 63 | 17.56 | 12.75 | 12.78 | 16.98 | 17.02 |
| 64 | 18.15 | 12.97 | 12.97 | 17.37 | 17.37 |
TABLE 2WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE A PENSIONABLE AGE OF 65 AND ARE UNDER THAT AGE
| Age attained in relevant tax year | Factor D | Factor E1 | Factor E2 | Factor F1 | Factor F2 |
|---|---|---|---|---|---|
| 16 | 5.28 | 3.57 | 4.01 | 4.55 | 5.12 |
| 17 | 5.40 | 3.66 | 4.10 | 4.67 | 5.23 |
| 18 | 5.52 | 3.75 | 4.20 | 4.79 | 5.35 |
| 19 | 5.65 | 3.85 | 4.30 | 4.91 | 5.47 |
| 20 | 5.78 | 3.95 | 4.39 | 5.03 | 5.60 |
| 21 | 5.91 | 4.05 | 4.50 | 5.16 | 5.73 |
| 22 | 6.05 | 4.15 | 4.60 | 5.29 | 5.86 |
| 23 | 6.18 | 4.26 | 4.70 | 5.42 | 5.99 |
| 24 | 6.32 | 4.36 | 4.81 | 5.56 | 6.13 |
| 25 | 6.47 | 4.48 | 4.92 | 5.70 | 6.27 |
| 26 | 6.62 | 4.59 | 5.03 | 5.85 | 6.41 |
| 27 | 6.77 | 4.71 | 5.15 | 6.00 | 6.56 |
| 28 | 6.92 | 4.83 | 5.27 | 6.15 | 6.71 |
| 29 | 7.08 | 4.95 | 5.39 | 6.31 | 6.87 |
| 30 | 7.25 | 5.07 | 5.51 | 6.47 | 7.03 |
| 31 | 7.41 | 5.20 | 5.64 | 6.64 | 7.19 |
| 32 | 7.59 | 5.34 | 5.77 | 6.81 | 7.36 |
| 33 | 7.76 | 5.47 | 5.90 | 6.98 | 7.53 |
| 34 | 7.94 | 5.61 | 6.04 | 7.16 | 7.70 |
| 35 | 8.13 | 5.76 | 6.18 | 7.35 | 7.88 |
| 36 | 8.39 | 5.96 | 6.38 | 7.60 | 8.14 |
| 37 | 8.66 | 6.16 | 6.58 | 7.87 | 8.40 |
| 38 | 8.93 | 6.37 | 6.79 | 8.14 | 8.66 |
| 39 | 9.21 | 6.58 | 6.99 | 8.41 | 8.93 |
| 40 | 9.49 | 6.79 | 7.20 | 8.68 | 9.20 |
| 41 | 9.77 | 7.01 | 7.41 | 8.96 | 9.47 |
| 42 | 10.05 | 7.23 | 7.63 | 9.24 | 9.75 |
| 43 | 10.33 | 7.45 | 7.84 | 9.53 | 10.03 |
| 44 | 10.62 | 7.67 | 8.06 | 9.82 | 10.31 |
| 45 | 10.91 | 7.90 | 8.28 | 10.11 | 10.59 |
| 46 | 11.20 | 8.13 | 8.50 | 10.41 | 10.87 |
| 47 | 11.49 | 8.36 | 8.72 | 10.70 | 11.15 |
| 48 | 11.86 | 8.60 | 8.94 | 11.07 | 11.51 |
| 49 | 12.23 | 8.84 | 9.17 | 11.44 | 11.87 |
| 50 | 12.60 | 9.07 | 9.39 | 11.82 | 12.23 |
| 51 | 13.04 | 9.36 | 9.66 | 12.26 | 12.65 |
| 52 | 13.48 | 9.65 | 9.93 | 12.70 | 13.07 |
| 53 | 13.91 | 9.93 | 10.20 | 13.14 | 13.50 |
| 54 | 14.34 | 10.21 | 10.46 | 13.58 | 13.91 |
| 55 | 14.76 | 10.48 | 10.72 | 14.01 | 14.32 |
| 56 | 15.18 | 10.75 | 10.96 | 14.44 | 14.72 |
| 57 | 15.59 | 11.01 | 11.20 | 14.86 | 15.12 |
| 58 | 15.98 | 11.27 | 11.43 | 15.28 | 15.50 |
| 59 | 16.37 | 11.51 | 11.65 | 15.68 | 15.87 |
| 60 | 16.74 | 11.75 | 11.87 | 16.08 | 16.24 |
| 61 | 17.10 | 11.98 | 12.07 | 16.47 | 16.59 |
| 62 | 17.46 | 12.21 | 12.27 | 16.85 | 16.93 |
| 63 | 17.80 | 12.43 | 12.46 | 17.22 | 17.26 |
| 64 | 18.17 | 12.64 | 12.64 | 17.58 | 17.58 |
TABLE 3WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE A PENSIONABLE AGE OF 60 AND ARE UNDER THAT AGE
| Age attained in relevant tax year | Factor D | Factor E1 | Factor E2 | Factor F1 | Factor F2 |
|---|---|---|---|---|---|
| 57 | 19.76 | 13.40 | 13.46 | 18.99 | 19.08 |
| 58 | 20.22 | 13.66 | 13.70 | 19.48 | 19.53 |
| 59 | 20.72 | 13.92 | 13.92 | 19.96 | 19.96 |
TABLE 4WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE A PENSIONABLE AGE BETWEEN 60 AND 65 AND ARE UNDER THAT AGE
| 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | ||
|---|---|---|---|---|---|---|
| Tax year of birth | Factor D | |||||
| 1950/51 | 20.00 | 20.37 | 20.72 | |||
| 1951/52 | 18.58 | 18.96 | 19.32 | 19.66 | 19.99 | |
| 1952/53 | 17.26 | 17.64 | 18.01 | 18.36 | 18.70 | |
| 1953/54 | 15.98 | 16.37 | 16.74 | 17.10 | 17.45 | |
| 1954/55 | 14.76 | 15.14 | 15.52 | 15.88 | 16.23 | |
| Tax year of birth | Factor E1 | |||||
| 1950/51 | 13.34 | 13.64 | 13.92 | |||
| 1951/52 | 12.58 | 12.88 | 13.18 | 13.46 | 13.74 | |
| 1952/53 | 11.83 | 12.13 | 12.43 | 12.72 | 13.00 | |
| 1953/54 | 11.07 | 11.38 | 11.68 | 11.98 | 12.27 | |
| 1954/55 | 10.33 | 10.64 | 10.94 | 11.24 | 11.53 | |
| Tax year of birth | Factor E2 | |||||
| 1950/51 | 13.41 | 13.67 | 13.92 | |||
| 1951/52 | 12.71 | 12.98 | 13.24 | 13.50 | 13.74 | |
| 1952/53 | 12.00 | 12.28 | 12.55 | 12.81 | 13.07 | |
| 1953/54 | 11.29 | 11.58 | 11.85 | 12.12 | 12.39 | |
| 1954/55 | 10.59 | 10.88 | 11.16 | 11.43 | 11.70 | |
| Tax year of birth | Factor F1 | |||||
| 1950/51 | 19.17 | 19.57 | 19.96 | |||
| 1951/52 | 17.78 | 18.19 | 18.58 | 18.96 | 19.32 | |
| 1952/53 | 16.45 | 16.86 | 17.25 | 17.63 | 18.00 | |
| 1953/54 | 15.18 | 15.58 | 15.97 | 16.36 | 16.73 | |
| 1954/55 | 13.96 | 14.36 | 14.75 | 15.13 | 15.50 | |
| Tax year of birth | Factor F2 | |||||
| 1950/51 | 19.27 | 19.62 | 19.96 | |||
| 1951/52 | 17.96 | 18.32 | 18.67 | 19.01 | 19.32 | |
| 1952/53 | 16.70 | 17.06 | 17.42 | 17.76 | 18.09 | |
| 1953/54 | 15.48 | 15.85 | 16.21 | 16.56 | 16.89 | |
| 1954/55 | 14.30 | 14.68 | 15.04 | 15.39 | 15.73 |
TABLE 5MEN AND WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS) WHO HAVE ATTAINED PENSIONABLE AGE
| Age attained in relevant tax year | Men | Women | ||||
|---|---|---|---|---|---|---|
| Factor G | Factor H | Factor I | Factor J | Factor K | Factor L | |
| 60 | 22.05 | 14.66 | 21.11 | |||
| 61 | 21.62 | 14.41 | 20.62 | |||
| 62 | 21.19 | 14.15 | 20.12 | |||
| 63 | 20.73 | 13.89 | 19.62 | |||
| 64 | 20.27 | 13.62 | 19.10 | |||
| 65 | 19.35 | 13.66 | 18.31 | 19.80 | 13.34 | 18.58 |
| 66 | 19.04 | 13.39 | 17.81 | 19.32 | 13.05 | 18.05 |
| 67 | 18.73 | 13.10 | 17.30 | 18.83 | 12.75 | 17.51 |
| 68 | 18.41 | 12.81 | 16.78 | 18.32 | 12.44 | 16.96 |
| 69 | 18.09 | 12.50 | 16.26 | 17.70 | 12.12 | 16.40 |
| 70 | 17.75 | 12.19 | 15.73 | 17.08 | 11.79 | 15.83 |
| 71 | 17.39 | 11.85 | 15.19 | 16.45 | 11.44 | 15.25 |
| 72 | 17.01 | 11.51 | 14.63 | 15.80 | 11.07 | 14.65 |
| 73 | 16.62 | 11.15 | 14.07 | 15.13 | 10.69 | 14.04 |
| 74 | 15.99 | 10.78 | 13.50 | 14.46 | 10.30 | 13.42 |
| 75 | 15.36 | 10.40 | 12.93 | 13.77 | 9.90 | 12.79 |
| 76 | 14.71 | 10.02 | 12.35 | 13.08 | 9.49 | 12.16 |
| 77 | 14.07 | 9.63 | 11.78 | 12.40 | 9.07 | 11.53 |
| 78 | 13.41 | 9.23 | 11.21 | 11.72 | 8.66 | 10.91 |
| 79 | 12.77 | 8.84 | 10.66 | 11.05 | 8.24 | 10.31 |
| 80 | 12.13 | 8.45 | 10.11 | 10.40 | 7.84 | 9.71 |
| 81 | 11.49 | 8.06 | 9.57 | 9.77 | 7.44 | 9.14 |
| 82 | 10.86 | 7.67 | 9.04 | 9.17 | 7.05 | 8.59 |
| 83 | 10.24 | 7.28 | 8.53 | 8.59 | 6.67 | 8.06 |
| 84 | 9.64 | 6.90 | 8.02 | 8.04 | 6.30 | 7.55 |
| 85 | 9.06 | 6.53 | 7.54 | 7.51 | 5.94 | 7.07 |
| 86 | 8.49 | 6.17 | 7.08 | 7.00 | 5.59 | 6.60 |
| 87 | 7.96 | 5.82 | 6.65 | 6.52 | 5.25 | 6.16 |
| 88 | 7.47 | 5.49 | 6.23 | 6.07 | 4.93 | 5.74 |
| 89 | 6.98 | 5.17 | 5.84 | 5.65 | 4.62 | 5.35 |
| 90 | 6.61 | 4.90 | 5.50 | 5.27 | 4.32 | 4.98 |
| 91 | 6.23 | 4.63 | 5.17 | 4.92 | 4.05 | 4.65 |
| 92 | 5.83 | 4.36 | 4.84 | 4.58 | 3.80 | 4.34 |
| 93 | 5.45 | 4.11 | 4.54 | 4.29 | 3.58 | 4.06 |
| 94 | 5.13 | 3.89 | 4.28 | 4.03 | 3.38 | 3.82 |
| 95 | 4.82 | 3.69 | 4.03 | 3.78 | 3.19 | 3.59 |
| 96 | 4.53 | 3.49 | 3.80 | 3.55 | 3.02 | 3.38 |
| 97 | 4.23 | 3.29 | 3.56 | 3.34 | 2.86 | 3.18 |
| 98 | 3.94 | 3.09 | 3.33 | 3.14 | 2.71 | 3.00 |
| 99 | 3.65 | 2.89 | 3.10 | 2.96 | 2.56 | 2.83 |
TABLE 6SURVIVING SPOUSE MEMBERS AND SURVIVING CIVIL PARTNER MEMBERS
| Age attained in relevant tax year | Widowers and Male Surviving Civil Partners | Widows and Female Surviving Civil Partners | |||
|---|---|---|---|---|---|
| Factor M | Factor N | Factor O | Factor P | Factor Q | |
| 25 and below | 7.71 | 7.47 | 10.67 | 7.35 | 10.24 |
| 26 | 8.33 | 8.06 | 11.17 | 7.59 | 10.72 |
| 27 | 9.18 | 8.87 | 11.86 | 7.94 | 11.36 |
| 28 | 10.21 | 9.85 | 12.62 | 8.35 | 12.08 |
| 29 | 11.59 | 11.16 | 13.50 | 8.83 | 12.90 |
| 30 | 12.49 | 12.02 | 14.39 | 9.32 | 13.75 |
| 31 | 13.36 | 12.86 | 15.22 | 9.76 | 14.52 |
| 32 | 14.19 | 13.65 | 16.13 | 10.27 | 15.38 |
| 33 | 14.73 | 14.17 | 17.05 | 10.78 | 16.26 |
| 34 | 15.18 | 14.59 | 18.00 | 11.33 | 17.16 |
| 35 | 15.51 | 14.91 | 18.99 | 11.91 | 18.10 |
| 36 | 15.79 | 15.18 | 19.93 | 12.47 | 18.99 |
| 37 | 16.01 | 15.39 | 20.70 | 12.94 | 19.74 |
| 38 | 16.16 | 15.53 | 21.35 | 13.34 | 20.35 |
| 39 | 16.30 | 15.67 | 21.86 | 13.68 | 20.85 |
| 40 | 16.43 | 15.80 | 22.28 | 13.96 | 21.26 |
| 41 | 16.58 | 15.94 | 22.61 | 14.20 | 21.58 |
| 42 | 16.67 | 16.03 | 22.89 | 14.41 | 21.85 |
| 43 | 16.75 | 16.11 | 23.11 | 14.59 | 22.07 |
| 44 | 16.84 | 16.20 | 23.30 | 14.76 | 22.26 |
| 45 | 16.92 | 16.28 | 23.43 | 14.91 | 22.40 |
| 46 | 17.01 | 16.37 | 23.52 | 15.03 | 22.50 |
| 47 | 17.12 | 16.48 | 23.56 | 15.13 | 22.55 |
| 48 | 17.26 | 16.62 | 23.56 | 15.21 | 22.57 |
| 49 | 17.39 | 16.75 | 23.52 | 15.27 | 22.54 |
| 50 | 17.54 | 16.90 | 23.43 | 15.30 | 22.47 |
| 51 | 17.68 | 17.04 | 23.32 | 15.32 | 22.38 |
| 52 | 17.82 | 17.18 | 23.18 | 15.32 | 22.26 |
| 53 | 17.93 | 17.30 | 23.00 | 15.31 | 22.10 |
| 54 | 18.02 | 17.39 | 22.76 | 15.26 | 21.90 |
| 55 | 18.09 | 17.47 | 22.47 | 15.17 | 21.63 |
| 56 | 18.10 | 17.49 | 22.13 | 15.05 | 21.32 |
| 57 | 18.04 | 17.44 | 21.77 | 14.92 | 20.99 |
| 58 | 17.97 | 17.39 | 21.37 | 14.75 | 20.62 |
| 59 | 17.89 | 17.32 | 20.94 | 14.57 | 20.23 |
| 60 | 17.78 | 17.23 | 20.53 | 14.40 | 19.84 |
| 61 | 17.62 | 17.08 | 20.11 | 14.22 | 19.45 |
| 62 | 17.41 | 16.89 | 19.67 | 14.02 | 19.04 |
| 63 | 17.17 | 16.67 | 19.20 | 13.81 | 18.61 |
| 64 | 16.90 | 16.42 | 18.72 | 13.58 | 18.16 |
| 65 | 16.61 | 16.16 | 18.24 | 13.34 | 17.71 |
| 66 | 16.07 | 15.65 | 17.69 | 13.05 | 17.19 |
| 67 | 15.53 | 15.13 | 17.13 | 12.75 | 16.66 |
| 68 | 14.99 | 14.62 | 16.57 | 12.44 | 16.13 |
| 69 | 14.45 | 14.10 | 16.00 | 12.12 | 15.59 |
| 70 | 13.89 | 13.57 | 15.42 | 11.79 | 15.04 |
| 71 | 13.34 | 13.04 | 14.83 | 11.44 | 14.48 |
| 72 | 12.77 | 12.50 | 14.23 | 11.07 | 13.90 |
| 73 | 12.21 | 11.96 | 13.62 | 10.69 | 13.31 |
| 74 | 11.65 | 11.41 | 13.00 | 10.30 | 12.72 |
| 75 | 11.09 | 10.88 | 12.37 | 9.90 | 12.12 |
| 76 | 10.54 | 10.35 | 11.75 | 9.49 | 11.52 |
| 77 | 10.00 | 9.83 | 11.13 | 9.07 | 10.92 |
| 78 | 9.48 | 9.32 | 10.52 | 8.66 | 10.34 |
| 79 | 8.97 | 8.82 | 9.93 | 8.24 | 9.76 |
| 80 | 8.47 | 8.34 | 9.36 | 7.84 | 9.21 |
| 81 | 8.00 | 7.88 | 8.81 | 7.44 | 8.68 |
| 82 | 7.54 | 7.43 | 8.28 | 7.05 | 8.16 |
| 83 | 7.09 | 7.00 | 7.77 | 6.67 | 7.66 |
| 84 | 6.66 | 6.58 | 7.28 | 6.30 | 7.19 |
| 85 | 6.25 | 6.18 | 6.81 | 5.94 | 6.73 |
| 86 | 5.87 | 5.81 | 6.37 | 5.59 | 6.29 |
| 87 | 5.51 | 5.45 | 5.94 | 5.25 | 5.87 |
| 88 | 5.16 | 5.11 | 5.53 | 4.93 | 5.48 |
| 89 | 4.84 | 4.79 | 5.15 | 4.62 | 5.10 |
| 90 | 4.53 | 4.49 | 4.80 | 4.32 | 4.75 |
| 91 | 4.23 | 4.20 | 4.47 | 4.05 | 4.43 |
| 92 | 3.95 | 3.92 | 4.17 | 3.80 | 4.13 |
| 93 | 3.71 | 3.68 | 3.91 | 3.58 | 3.88 |
| 94 | 3.51 | 3.48 | 3.67 | 3.38 | 3.65 |
| 95 | 3.32 | 3.30 | 3.45 | 3.19 | 3.43 |
| 96 | 3.13 | 3.11 | 3.25 | 3.02 | 3.23 |
| 97 | 2.95 | 2.93 | 3.07 | 2.86 | 3.05 |
| 98 | 2.77 | 2.75 | 2.89 | 2.71 | 2.88 |
| 99 and over | 2.59 | 2.58 | 2.73 | 2.56 | 2.71 |
TABLEFOR DERIVING THE INDEX NUMBER FROM 15-YEAR GROSS REDEMPTION YIELD: EFFECTIVE DATE ON OR AFTER 6th APRIL 2007
| Yield per cent. | Index Number | |
|---|---|---|
| From | To | |
| 1.28% | 1.33% | 1.50 |
| 1.34% | 1.38% | 1.49 |
| 1.39% | 1.44% | 1.48 |
| 1.45% | 1.50% | 1.47 |
| 1.51% | 1.56% | 1.46 |
| 1.57% | 1.62% | 1.45 |
| 1.63% | 1.68% | 1.44 |
| 1.69% | 1.74% | 1.43 |
| 1.75% | 1.80% | 1.42 |
| 1.81% | 1.86% | 1.41 |
| 1.87% | 1.93% | 1.40 |
| 1.94% | 1.99% | 1.39 |
| 2.00% | 2.05% | 1.38 |
| 2.06% | 2.12% | 1.37 |
| 2.13% | 2.18% | 1.36 |
| 2.19% | 2.24% | 1.35 |
| 2.25% | 2.31% | 1.34 |
| 2.32% | 2.38% | 1.33 |
| 2.39% | 2.44% | 1.32 |
| 2.45% | 2.51% | 1.31 |
| 2.52% | 2.58% | 1.30 |
| 2.59% | 2.65% | 1.29 |
| 2.66% | 2.72% | 1.28 |
| 2.73% | 2.79% | 1.27 |
| 2.80% | 2.86% | 1.26 |
| 2.87% | 2.93% | 1.25 |
| 2.94% | 3.00% | 1.24 |
| 3.01% | 3.07% | 1.23 |
| 3.08% | 3.15% | 1.22 |
| 3.16% | 3.22% | 1.21 |
| 3.23% | 3.30% | 1.20 |
| 3.31% | 3.37% | 1.19 |
| 3.38% | 3.45% | 1.18 |
| 3.46% | 3.52% | 1.17 |
| 3.53% | 3.60% | 1.16 |
| 3.61% | 3.68% | 1.15 |
| 3.69% | 3.76% | 1.14 |
| 3.77% | 3.84% | 1.13 |
| 3.85% | 3.92% | 1.12 |
| 3.93% | 4.01% | 1.11 |
| 4.02% | 4.09% | 1.10 |
| 4.10% | 4.17% | 1.09 |
| 4.18% | 4.26% | 1.08 |
| 4.27% | 4.35% | 1.07 |
| 4.36% | 4.43% | 1.06 |
| 4.44% | 4.52% | 1.05 |
| 4.53% | 4.61% | 1.04 |
| 4.62% | 4.70% | 1.03 |
| 4.71% | 4.79% | 1.02 |
| 4.80% | 4.89% | 1.01 |
| 4.90% | 4.98% | 1.00 |
| 4.99% | 5.08% | 0.99 |
| 5.09% | 5.17% | 0.98 |
| 5.18% | 5.27% | 0.97 |
| 5.28% | 5.37% | 0.96 |
| 5.38% | 5.47% | 0.95 |
| 5.48% | 5.57% | 0.94 |
| 5.58% | 5.67% | 0.93 |
| 5.68% | 5.78% | 0.92 |
| 5.79% | 5.88% | 0.91 |
| 5.89% | 5.99% | 0.90 |
| 6.00% | 6.10% | 0.89 |
| 6.11% | 6.21% | 0.88 |
| 6.22% | 6.32% | 0.87 |
| 6.33% | 6.44% | 0.86 |
| 6.45% | 6.55% | 0.85 |
| 6.56% | 6.67% | 0.84 |
| 6.68% | 6.79% | 0.83 |
| 6.80% | 6.91% | 0.82 |
| 6.92% | 7.03% | 0.81 |
| 7.04% | 7.16% | 0.80 |
| 7.17% | 7.29% | 0.79 |
| 7.30% | 7.42% | 0.78 |
| 7.43% | 7.55% | 0.77 |
| 7.56% | 7.68% | 0.76 |
| 7.69% | 7.82% | 0.75 |
| 7.83% | 7.95% | 0.74 |
| 7.96% | 8.10% | 0.73 |
| 8.11% | 8.24% | 0.72 |
| 8.25% | 8.39% | 0.71 |
| 8.40% | 8.53% | 0.70 |
| 8.54% | 8.69% | 0.69 |
| 8.70% | 8.84% | 0.68 |
| 8.85% | 9.00% | 0.67 |
| 9.01% | 9.16% | 0.66 |
| 9.17% | 9.32% | 0.65 |
| 9.33% | 9.49% | 0.64 |
| 9.50% | 9.66% | 0.63 |
| 9.67% | 9.84% | 0.62 |
| 9.85% | 10.02% | 0.61 |
| 10.03% | 10.20% | 0.60 |
Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 (S.I. 1998/1397) and the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 (S.R. 1998 No. 208). Those Regulations deal with the calculation of the amount required for restoring certain rights under the State retirement pension scheme of members of occupational pension schemes that are wound up underfunded (“the calculation”).
Regulation 2 amends the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 to substitute new tables in Schedule 1 to those Regulations setting out new actuarial factors to be used for the purposes of the calculation. It also substitutes a new table in Schedule 2 setting out the investment indices relating to the yields of gilts and equities that are used in finding the market level indicator for the calculation.
Regulation 3 makes corresponding amendments of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business, charities or the voluntary sector.