Regulation 2 Amendment of the Pensions on Divorce etc. (Provision of Information) Regulations

in paragraph (1)^f6—

for paragraphs (3) and (4) substitute—

“(3)

Where a person with pension rights is an active member, a deferred member or a pensioner member of an occupational pension scheme, the value of those rights in relation to a category of benefits referred to in section 89(6)^f8 (scope of Chapter 1) must be calculated and verified in accordance with regulations 7 to 7C and 7E(1) to (3)^f9 of the Transfer Values Regulations (manner of calculation of cash equivalents, initial cash equivalents etc), as if—

(a)

in the case of benefits other than money purchase benefits, the member has made an application for a statement of entitlement under section 89A on the date that the request for the valuation was received, or

(b)

in the case of money purchase benefits, the member has made a valid application under section 91^f10 to take the cash equivalent of those benefits on the date that the request for the valuation was received.

(4)

Where the person with pension rights is continuing to accrue rights to benefits in the category of benefits to be valued, paragraph (3) applies as if the person had ceased to accrue rights in that category of benefits on the date that the request for the valuation was received.”;

in paragraph (5) for “section 90(1)(b)” substitute “section 90 (right to cash equivalent)”;

in paragraph (6) for “Chapter IV of Part IV of the Act by section 89(1)(b) (scope of Chapter IV)” substitute “Chapter 1 of Part 4ZA^f11 of the Act (transfers and contribution refunds) by section 89(5)(b)”.

for paragraphs (8) and (10)^f12 substitute—

“(8)

When calculating and verifying a cash equivalent, regulations 7 to 7C and 7E(1) to (3) of the Transfer Values Regulations are to be read as if—

(a)

in regulation 7—

(i)

in paragraph (1)(a) the words “and then making any reductions in accordance with regulation 7D” were omitted;

(ii)

in paragraph (1)(b) for “regulation 7E” there were substituted “regulation 7E(1) to (3)”;

(iii)

in paragraph (2) for “trustees” there were substituted “person responsible for the pension arrangement”;

(iv)

in paragraph (3) for “trustees are” there were substituted “person responsible for the pension arrangement is”;

(b)

in regulations 7A and 7B for “trustees”, in each place where it occurs, there were substituted “person responsible for the pension arrangement”;

(c)

in regulation 7C—

(i)

in paragraph (3) for “trustees”, in both places where it occurs, there were substituted “person responsible for the pension arrangement”;

(ii)

in paragraph (4)(b)(iv) for “trustees determine” there were substituted “person responsible for the pension arrangement determines”;

(d)

in regulation 7E—

(i)

in paragraph (1) for “trustees have” there were substituted “person responsible for the pension arrangement has”;

(ii)

in paragraph (2) for “trustees” there were substituted “person responsible for the pension arrangement”.”.

in sub-paragraph (b)—

in sub-paragraph (c)^f14 after “(reductions in initial cash equivalents)” insert “if the member were to transfer the cash equivalent of those rights out of the scheme”.