# Occupational Pension Schemes (Contracting-out) Regulations 1996, Regulation 23: Requirements for meeting the statutory standard.

Extent: E+W+S

For the purposes of section 12A(4) of the 1993 Act (regulations may provide for the manner of, and criteria for, determining whether pensions are broadly equivalent to those under a reference scheme) in determining whether the pensions provided under the scheme are broadly equivalent to or better than those which would be provided under a reference scheme, the actuary—
(a) must comply with any standards adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited which are relevant to the matters specified in section 12A(4) of the 1993 Act;
(b) may not certify that the pensions to be provided by the scheme for earners in employed earner’s employment and their widows, widowers or surviving civil partners collectively are broadly equivalent to or better than those which would be provided for such persons under a reference scheme if the pensions to be provided for more than 10 per cent. of such earners or their widows, widowers or surviving civil partners are not broadly equivalent to the pensions which would be provided for them under a reference scheme;
(c) must have regard to the pensions to be provided under the scheme for the persons specified in section 12A(1) of the 1993 Act who are in the scheme at the date from which the certificate has effect;
(d) must not have regard to any pensions to be provided under the scheme in respect of—
(i) earners who are not in contracted-out employment, ...
( ii ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e) must not have regard to any money purchase benefits; ...
(f) may have regard to the payment of a lump sum but may not have regard to any payment of a lump sum made as a result of the death of an earner; and
(g) must take no account of any provision made by the scheme for the suspension, in the circumstances specified in regulation 20A(2), (as it had effect immediately before the second abolition date) of benefits derived from section 9(2B) rights.
(h) must not have regard to any discretionary benefits; and
(i) must comply with the further requirements set out in Schedule 3.

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Source: https://www.legislation.gov.uk/uksi/1996/1172/regulation/23 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-contracting-out-regulations-1996/regulation-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.