Regulation 6 Other relevant arrangements: manner of calculation and verification of cash equivalentsI1
Northern Ireland
Except in a case to which paragraph (3) applies, cash equivalents are to be calculated and verified in such manner as may be approved in a particular case by—
a Fellow of the Institute of Actuaries;
a Fellow of the Faculty of Actuaries, or
a person with other actuarial qualifications who is approved by the Department, at the request of the person responsible for the relevant arrangement, as being a proper person to act for the purposes of this regulation and regulation 7 in connection with that arrangement,
and in paragraph (2) “actuary” means any person such as is referred to in sub-paragraph (a), (b) or (c).
Where the person with pension rights is a member of a personal pension scheme, or those rights are contained in a retirement annuity contract, the value of the benefits which he has accrued under that scheme or contract on the transfer day shall be taken to be the cash equivalent to which he would have acquired a right under section 90(1)(b), if he had made an application under section 91(1) on the date on which the request for the valuation was received.
In relation to a personal pension scheme which is comprised in a retirement annuity contract made before 4th January 1988, paragraph (2) shall apply as if such a scheme were not excluded from the scope of Chapter IV of Part IV of the Pension Schemes Act by section 89(1)(b) (scope of Chapter IV).
Except in a case to which paragraph (3) applies, cash equivalents are to be calculated and verified by adopting methods and making assumptions which—
if not determined by the person responsible for the relevant arrangement, are notified to him by an actuary, and
are certified by an actuary to the person responsible for the arrangement as being consistent with “Retirement Benefit Schemes—Transfer Values (GN 11)”, adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.
Where a transferor’s cash equivalent, or any portion of it—
represents his rights to money purchase benefits under the relevant arrangement, and
those rights do not fall, either wholly or in part, to be valued in a manner which involves making estimates of the value of benefits,
then that cash equivalent, or that portion of it, shall be calculated and verified in such manner as may be approved in a particular case by the person responsible for the relevant arrangement F3, and by adopting methods consistent with the requirements of Chapter IV of Part IV of the Pension Schemes Act
This regulation and regulation 7 apply to a relevant arrangement other than an occupational pension scheme.
Annotations
Textual amendments
- F1
Reg. 6(1A)(1B) inserted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000 (S.R. 2000/335), regs. 1(1), 10(5)(a)
- F2
Reg. 6(2)(b) substituted (6.4.2007) by The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007 (S.R. 2007/64), reg. 1, Sch. para. 10(d)
- F3
Words in reg. 6(3) added (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2000 (S.R. 2000/335), regs. 1(1), 10(5)(b)