Paragraph 7 F1

The insufficiency report liabilities are—

(a)

for active members with vested rights, calculated and verified in accordance with regulations 7 to 7E and Schedule 1A as appropriate except that—

(i)

paragraphs 2 to 6 of Schedule 1A are to be disregarded;

(ii)

references to “guarantee date” are to be taken to mean the effective date of the report; and

(iii)

it is to be assumed that the member ceases pensionable service on the effective date;

(b)

for deferred members, calculated and verified in accordance with regulations 7 to 7E and Schedule 1A as appropriate except that—

(i)

paragraphs 2 to 6 of Schedule 1A are to be disregarded; and

(ii)

references to “guarantee date” are to be taken to mean the effective date of the report;

(c)

for pensioner members, calculated and verified in accordance with regulations 7 to 7C as appropriate except that references to “guarantee date” are to be taken to mean the effective date of the report;

(d)

for members over normal pension age not in receipt of a pension, calculated and verified—

(i)

in the same way as those of pensioner members; and

(ii)

on the assumption that the member’s pension comes into payment on the effective date of the report;

(e)

for pension credit members, calculated and verified in accordance with regulations 7 to 7E and Schedule 1A as appropriate except that—

(i)

paragraphs 2 to 6 of Schedule 1A are to be disregarded; and

(ii)

references to “guarantee date” are to be taken to mean the effective date of the report; and

(f)

for members with unvested rights, equal to the amount of the unvested contributions and the actuary is to assume that the member ceases pensionable service on the effective date of the report.

Annotations

Textual amendments

F1: Schs. 1A-1B inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 1