{
  "url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-2008/regulation-2",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-2008/regulation-2.json",
  "legislation": "uksi/2008/1050",
  "legislation_title": "The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-2008",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Amendment of regulation 1 of the principal Regulations",
  "text": "In regulation 1(2) of the principal Regulations (interpretation)—\n(a) in the appropriate alphabetical places, insert—\n““actuary” means—\n(a) the actuary mentioned in section 47(1)(b) of the 1995 Act (professional advisers); or\n(b) in relation to a scheme to which that section does not apply—\n(i) a Fellow of the Faculty of Actuaries;\n(ii) a Fellow of the Institute of Actuaries; or\n(iii) a person with other actuarial qualifications who is approved, at the request of the trustees of the scheme in question, by the Secretary of State as being a proper person to act for the purposes of these Regulations in connection with that scheme;”;\n““discount rates” means the interest rates used to discount future payments of benefit for the purposes of placing a current value on them;”;\n““initial cash equivalent” means the amount calculated in accordance with regulation 7(1)(a);”;\n““insufficiency report” means the actuary’s last relevant report before the guarantee date prepared in accordance with Schedule 1B (insufficiency reports);”;\n““insufficiency report liabilities” has the meaning given in paragraph 7 of Schedule 1B;”;\n““insurance policy” means an insurance policy which is a contract on human life or a contract of annuity on human life, but excluding a contract which is linked to investment funds;”;\n““salary related benefits” means benefits that are not money purchase benefits;”;\n““statement of entitlement” has the meaning given in section 93A(1) of the 1993 Act (salary related schemes: right to statement of entitlement);”;\n(b) for the definition of “effective date”, substitute—\n““effective date” means the date as at which the assets and liabilities are valued for the purposes of the insufficiency report;”;\n(c) for the definition of “member”, substitute—\n““member” has the meaning given in section 124(1) of the 1995 Act (interpretation);”; and\n(d) omit the definitions of “the Board for Actuarial Standards” and “scheme actuary”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation 1 was amended by S.I.s 1997/786 and 1613, 2003/1727, 2005/3377 and 2007/60."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The Faculty of Actuaries can be contacted at Faculty of Actuaries, MacLaurin House, 18 Dublin Street, Edinburgh, EH1 3PP."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "The Institute of Actuaries can be contacted at Institute of Actuaries, Staple Inn Hall, High Holborn, London, WC1V 7QJ."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/1050/regulation/2",
    "retrieved_at": "2026-10-29T03:32:01.673712+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."
}