Regulation 2 Manner of calculation and verification of protected rights mentioned in paragraph 7(2) of Schedule 1 to the Act

(1)

Except in a case to which paragraph (2) applies, the value of a member’s protected rights (under a scheme which is, or was formerly, an appropriate scheme or a money purchase contracted-out scheme) such as are mentioned in paragraph 7(2) of Schedule 1 to the Act shall be calculated and verified—

(a)

in such manner as may be approved in particular cases by the trustees or managers of the scheme, and

(b)

by adopting methods consistent with the requirements of Schedule 1 to the Act.

(2)

In a case where a member’s rights (as described in paragraph (1)) fall, either wholly or in part, to be valued in a manner which involves making estimates of the value of benefits, the value of those rights shall be calculated and verified—

(a)

in such manner as may be approved in particular cases by—

(i)

a Fellow of the Institute of Actuaries, or

(ii)

a Fellow of the Faculty of Actuaries, or

(iii)

a person with other actuarial qualifications who is approved by the Secretary of State, at the request of the trustees or managers of the scheme in question, as being a proper person to act for the purposes of these regulations in connection with that scheme,

and in this regulation“actuary”means any person such as is referred to in head (i), (ii) or (iii) of this sub-paragraph; and

(b)

by adopting methods and making assumptions which—

(i)

if not determined by the trustees or managers of the scheme in question, are notified to them by an actuary, and

(ii)

are certified by an actuary to the trustees or managers of the scheme as being consistent with the requirements of Schedule 1 to the Act, and as being consistent with“Retirement Benefit Schemes—Transfer Values (GN11)”published by the Institute of Actuaries and the Faculty of Actuaries and current at the date of the calculation.