Paragraph

In the case of an application such as is mentioned in regulation 21(2), the Occupational Pension Schemes (Transfer Values) Regulations 1985 are modified as follows—

(a)

after regulation 4(3A) there shall be inserted—

“(3B)
Paragraphs (3) and (3A) shall not apply after the expiry of the first period within which the trustees are required under section 57 of the Pensions Act 1995 to obtain an actuarial valuation (as defined in section 56(5)(c) of that Act) nor where the trustees have obtained such a valuation within that period.”;

(b)

in regulation 3(2)(b)(ii) for the words “current at the date of the calculation" there shall be substituted the words “current on 5th April 1997".