Paragraph 5

(1)

The Occupational Pension Schemes (Transfer Values) Regulations 1996 M1 are amended as follows.

(2)

In regulation 1(2) (interpretation), after the definition of “the 1995 Act” insert—

““the 2004 Act” means the Pensions Act 2004;”.

(3)

In regulation 7 (manner of calculation and verification of cash equivalents)—

(a)

insert the word “ and ” at the end of paragraph (3)(b)(ii);

(b)

omit the word “and” at the end of paragraph (3)(b)(iii), and

(c)

omit paragraphs (3)(b)(iv) and (4).

(4)

In regulation 8 (further provisions as to calculation of cash equivalents)—

(a)

in paragraph (4), for “section 56 of the 1995 Act (minimum funding requirement)” substitute “ Part 3 of the 2004 Act (scheme funding) ”;

(b)

in paragraph (4B), omit “then, subject to paragraph (4D)”;

(c)

omit paragraphs (4D) to (4I), (4K) and (4L);

(d)

in paragraph (5)—

(i)

for “section 61 of the 1995 Act” substitute “ section 232 of the 2004 Act ”;

(ii)

for “section 56” substitute “ Part 3 ”, and

(iii)

for “paragraphs (4), (4A) and (4G)” substitute “ paragraphs (4) and (4A) ”, and

(e)

omit paragraph (6).

Annotations

M1: S.I. 1996/1847; relevant amending instruments are S.I. 1997/786, 2003/1727 and 2005/706.