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Paragraph 17 I1I2

United Kingdom

When making any calculation for the purposes of paragraphs 11, 13 and 14 of the actuarial value of an Affected Member’s RMSPS Subsisting Rights at any time, the Actuary must—

(a)

calculate the value of the RMSPS Subsisting Rights of an Affected Member by adopting methods and making assumptions which are consistent with methods and assumptions used by the F1Minister for the Civil Service as at the date of the modification to calculate a cash equivalent transfer value from the RMSPS in accordance with regulations 7 to 7C and 7E(1) to (3) as appropriate of the Occupational Pension Schemes (Transfer Values) Regulations 1996 (manner of calculation and verification of cash equivalents), as those regulations apply to the RMSPS under Schedule 4;

(b)

ensure that the calculation of the actuarial value of an Affected Member’s RMSPS Subsisting Rights is made in accordance with any guidance that is adopted or prepared, and from time to time revised, by the Board for Actuarial Standards (being the operating body of that name of the Financial Reporting Council) which is current on the date that the Actuarial Equivalence Statement is obtained by the Minister for the Civil Service;

(c)

exclude from the RMSPS Subsisting Rights calculation—

(i)

the value of any RMSPS Subsisting Rights that have been surrendered, commuted or forfeited before the date on which the modification of the RMSPS takes effect;

(ii)

the value of any amounts paid, or due to be paid, in respect of any pension or other benefit in payment to an Affected Member in respect of a period prior to the date on which the modification takes effect;

(iii)

the value of discretionary benefits that have not been awarded to an Affected Member or are not in payment on the date on which the modification takes effect; and

(d)

exclude any RMSPS Subsisting Rights which consist wholly or partly of rights to money purchase benefits where—

(i)

those benefits are not valued in a manner which involves making estimates of the value of the rights, and

(ii)

the modification has no effect on the value of those rights.

Annotations

Textual amendments

F1

Words in Sch. 2 substituted (2.4.2014) by The Transfer of Functions (Royal Mail Pension Plan) Order 2014 (S.I. 2014/500), arts. 1(2), 6(4) (with art. 4)

Commencement

I1

Sch. 2 para. 17 not in force at made date, see art. 1(3)

I2

Sch. 2 para. 17 in force at 1.4.2012 by S.I. 2012/966, arts. 2, 3(a)