Paragraph 2 I1

England, Wales and Scotland

(1)

In this Schedule, a “cash equivalent” of any rights and benefits to which a member is entitled is the realisable value of those rights and benefits.

(2)

A cash equivalent must be calculated—

(a)

in accordance with these Regulations and with the rules of the scheme to which it relates;

(b)

in a manner which is approved by the trustees;

(c)

as an estimate as at the date when the employers are informed of the transfer date under paragraph 9; and

(d)

as a final figure as at the transfer date.

(3)

In calculating a cash equivalent, account must be taken of any surrender, commutation or forfeiture of the whole or part of a member’s pension.

Annotations