Regulation 8 Amendment of the Occupational Pension Schemes (Transfer Values) Regulations 1985

at the beginning of paragraphs (1) and (2), there shall be inserted “Except in a case to which paragraph (3) below applies,”; and

after paragraph (2) there shall be inserted the following paragraph—

“(3)

Where a member’s cash equivalent such as is mentioned in paragraph 12(1), or any portion of it—

(a)

represents his rights to money purchase benefits under a scheme which is or was formerly a money purchase contracted-out scheme; and

(b)

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 particular cases by the trustees of the scheme, and by adopting methods consistent with the requirements of Schedule 1A.”.