{
  "url": "https://openlegislation.uk/pension-sharing-valuation-regulations-northern-ireland-2000/regulation-4",
  "json_url": "https://openlegislation.uk/pension-sharing-valuation-regulations-northern-ireland-2000/regulation-4.json",
  "legislation": "nisr/2000/144",
  "legislation_title": "The Pension Sharing (Valuation) Regulations (Northern Ireland) 2000",
  "legislation_url": "https://openlegislation.uk/pension-sharing-valuation-regulations-northern-ireland-2000",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Manner of calculation and verification of cash equivalents: occupational pension schemes",
  "text": "(1) Subject to this regulation, where a person with pension rights is, for the purposes of Part 2 of the Pensions Order, an active member, a deferred member or a pensioner member of an occupational pension scheme, or where a person with pension rights attains, or is over, normal pension age and is not in receipt of the pension, the value of rights in relation to a category of benefits referred to in section 89(6) (scope of Chapter 1) must be calculated and verified in accordance with regulations 7 to 7C and 7E(1) to (3) of the Transfer Values Regulations (manner of calculation of cash equivalents, initial cash equivalents etc), as if—\n(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 (right to statement of entitlement: benefits other than money purchase), or\n(b) in the case of money purchase benefits, the member has made an application under section 91 (ways of taking right to cash equivalent) to use the cash equivalent of those benefits.\n(2) Where a person with pension rights is continuing to accrue rights to benefits in the category of benefits to be valued, paragraph (1) applies as if the person had ceased to accrue rights in that category of benefits on the valuation day.\n(3) Where a person with pension rights is entitled to present payment of the pension, but the pension is not yet in payment, the cash equivalent must be calculated and verified on the assumption that the pension comes into payment on the transfer day.\n(4) When calculating and verifying the cash equivalent, regulations 7 to 7C and 7E(1) to (3) of the Transfer Values Regulations are to be read as if—\n(a) in regulation 7—\n(i) in paragraph (1)(a) the words “and then making any reductions in accordance with regulation 7D” were omitted;\n(ii) in paragraph (1)(b) for “regulation 7E” there were substituted “regulation 7E(1) to (3)”;\n(b) in regulation 7A(2) for “guarantee date” there were substituted “valuation day”;\n(c) in regulation 7C(2) for “at the date of calculation” there were substituted “on the valuation day”;\n(d) “valuation day” has the meaning given by Article 26(7) of the 1999 Order (meaning of valuation day).",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 4 substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations (Northern Ireland) 2016 (S.R. 2016/172), regs. 1, 4(4)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "words inserted",
      "affecting": "nisr/2000/335",
      "affecting_title": "The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000"
    },
    {
      "type": "inserted",
      "affecting": "nisr/2000/335",
      "affecting_title": "The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2000/144/regulation/4",
    "retrieved_at": "2026-10-29T02:15:47.668383+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}