Regulation 10 Calculation of the value of appropriate rightsI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 10 coming into force by Pension Sharing (Implementation and Discharge of Liability) 2000 reg. 1(1)
reg. 10(4) words added by Pension Sharing (Consequential and Miscellaneous Amendments) 2000 reg. 11(5)
reg. 10(1)(b) substituted by Occupational and Personal Pension Schemes (Prescribed Bodies) 2007 Sch. para. 11(b)
reg. 10 substituted by Occupational Pension Schemes (Transfer Values) 2008 Sch. 2 para. 6(3)

(1)

Except in a case to which paragraph (4) applies, the value of the rights conferred on a person entitled to a pension credit shall be calculated by adopting methods and making assumptions which the scheme actuary or, in relation to a scheme to which Article 47(1)(b) of the 1995 Order (professional advisers) does not apply, by a person referred to in paragraph (2), has certified to the person responsible for the pension arrangement as being consistent with—

(a)

the methods adopted and assumptions made when transfers of other pension rights are received by the person responsible for the pension arrangement, and

(b)

“Retirement Benefit Schemes — Transfer Values (GN 11)”^f1 published by the Institute of Actuaries and the Faculty of Actuaries and which is current on the valuation day.

(2)

A person referred to in this paragraph is—

(a)

a Fellow of the Institute of Actuaries;

(b)

a Fellow of the Faculty of Actuaries, or

(c)

a person with other actuarial qualifications who is approved by the Department for Social Development, at the request of the person responsible for the pension arrangement in question, as being a proper person to act for the purposes of these Regulations in connection with that scheme.

(3)

Where the person entitled to a pension credit in respect of whom a cash equivalent is to be calculated and verified is a member of a scheme having particulars from time to time set out in regulations made under Article 9 of the Superannuation (Northern Ireland) Order 1972^f2 (superannuation of persons employed in local government service, etc.), that cash equivalent shall be calculated and verified in such manner as may be approved by the Government Actuary or by an actuary authorised by the Government Actuary to act on his behalf for that purpose.

(4)

Where the rights conferred on a person entitled to a pension credit are derived from money purchase rights in whole or in part, the value of those rights shall be calculated by the person responsible for the pension arrangement in a manner consistent with the methods adopted and assumptions made when transfers of other pension rights are received by the person responsible for the pension arrangement.

Annotations

Commencement

I1: Reg. 10 in operation at 1.12.2000, see reg. 1(1)

Footnotes

f1: The publication “Retirement Benefit Schemes — Transfer Values (GN 11)” may be obtained from the Institute of Actuaries, Staple Inn Hall, High Holborn, London WC1V 7QJ, and from the Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. The publication is also available on the following internet web-site: http://www.actuaries.org.uk
f2: S.I. 1972/1073 (N.I. 10)