Regulation 7E Alternative manner of calculating and verifying cash equivalentsF1
This regulation applies where the trustees have decided to calculate and verify the cash equivalent in accordance with regulation 7(1)(b).
The cash equivalent is to be calculated and verified in such manner as may be approved by the trustees.
The cash equivalent must be higher than it would be if it was calculated and verified in accordance with regulation 7(1)(a).
For the purposes of calculating and verifying the cash equivalent, the trustees may request an insufficiency report from the actuary in accordance with Schedule 1B.
The trustees may treat the actuary’s last relevant GN11 report as an insufficiency report.
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
Modifications
- C1
Regs. 7E(1)-(3) modified by S.I. 2000/1052, reg. 4 (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 4(4))
- C2
Regs. 7E(1)-(3) modified by S.I. 2000/1048, reg. 3(3)(4)(8) (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 2(4)(b), (c))
- C3
Regs. 7E(1)-(3) modified by S.S.I. 2000/112, reg. 3(3)(4)(8) (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 7(3)(b), (e))
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)