{
  "url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-northern-ireland-2024/schedule-5/paragraph-2",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-northern-ireland-2024/schedule-5/paragraph-2.json",
  "legislation": "nisr/2024/78",
  "legislation_title": "The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2024",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-master-trusts-regulations-northern-ireland-2024",
  "path": "schedule/5/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": null,
  "text": "(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.\n(2) A cash equivalent must be calculated—\n(a) in accordance with these Regulations and with the rules of the scheme to which it relates;\n(b) in a manner which is approved by the trustees;\n(c) as an estimate as at the date when the employers are informed of the transfer date under paragraph 9, and\n(d) as a final figure as at the transfer date.\n(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.",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 2 in operation at 27.3.2024, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2024/78/schedule/5/paragraph/2",
    "retrieved_at": "2026-10-29T00:28:58.393629+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."
}