# The Occupational Pension Schemes (Transfer Values) Regulations 1996, Paragraph 2

Extent: E+W+S

In the case of a scheme to which Part 3 of the 2004 Act (scheme funding) applies, the member’s initial cash equivalent may be reduced by the trustees if—
(a) the insufficiency conditions are met; ...
(b) the insufficiency report has an effective date which is no earlier than the effective date of the most recent actuarial valuation received by the trustees in accordance with section 224(4) of the 2004 Act (scheme funding); and
(c) the guarantee date shown in the statement of entitlement is at least one year before the member attains normal pension age in relation to the rights to benefits covered by the statement of entitlement.

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Source: https://www.legislation.gov.uk/uksi/1996/1847/schedule/1A/paragraph/2 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-transfer-values-regulations-1996/schedule-1A/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.