Regulation 3 Manner of calculation and verification of cash equivalentsF1

United Kingdom

(1)

Cash equivalents are to be calculated and verified by calculating the initial cash equivalent in accordance with this regulation and then making any increases or reductions in accordance with regulation 4.

(2)

The initial cash equivalent is the realisable value F2at the date of calculation of any benefits to which the member is entitled.

(3)

The trustees must calculate that realisable value—

(a)

in accordance with the scheme rules; and

(b)

in a manner which is—

(i)

approved by the trustees; and

(ii)

consistent with F3Chapter 1 of Part 4ZA of the Act.

(4)

The realisable value must include any increases to the benefits resulting from a payment of interest made in accordance with the scheme rules.

Annotations

Textual amendments

F1: Reg. 3 substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 1(b)
F2: Words in reg. 3(2) inserted (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450), regs. 1, 2(2)
F3: Words in reg. 3 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 12(2)