Regulation 7D Reductions to initial cash equivalentsF1
England, Wales and Scotland
F2For salary-related benefits an initial cash equivalent may, or as the case may be must, be reduced in accordance with Schedule 1A (reductions in initial cash equivalents).
For the purposes of paragraph (1) the trustees may—
request an insufficiency report from the actuary in accordance with Schedule 1B (insufficiency reports); or
treat the actuary’s last relevant GN11 report as an insufficiency report.
For money purchase benefits, an initial cash equivalent may, or as the case may be, must be reduced in accordance with F4paragraphs 7, 10, 11, 14 and 15 of Schedule 1A (reductions in initial cash equivalents).
Annotations
Textual amendments
- F1
Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
- F2
Words in reg. 7D(1) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 32(7)(a) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2
- F3
Reg. 7D(2)(3) substituted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 32(7)(b) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2
- F4
Words in reg. 7D(3) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(6)
Notes on Part III
Textual amendments
- F1
Word in Pt. III omitted (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(2)