Paragraph 8 F1
England, Wales and Scotland
The rules shall provide for effect to be given to the protected rights of a member—
in any case where sub-paragraph (2) of paragraph 9 below so requires, by the purchase of such an annuity as is mentiioned in that sub-paragraph, and
in any other case, in such of the ways permitted by that paragraph as the rules specify,
and they shall not provide for any part of a member’s protected rights to be discharged otherwise than in accordance with that paragraph.
The value of protected rights such as are mentioned in sub-paragraph (2) above—
shall be calculated in a manner no less favourable than that in which the value of any other rights of the member to money purchase benefits under the scheme are calculated;
subject to that, shall be calculated and verified in such manner as may be prescribed.
The power to make regulations conferred by sub-paragraph (4) above included power to provide that protected rights such as are mentioned in sub-paragraph (2) above are to be calculated and verified in such manner as may be approved in particular cases—
by prescribed persons; or
by persons with prescribed professional qualifications or experience; or
by persons approved by the Secretary of State,
and power to provide that they shall be calculated and verified in accordance with guidance prepared by a prescribed body.
Annotations
Textual amendments
- F1
Paragraph 8 substituted (21.7.1989) by Social Security Act 1989 (c. 24), Sch. 6, para. 20(1), subject to saving in reg. 3 of S.I. 1989/1239
- F2
Sch. 1 paras. 7(4)(5), 8: under a saving in regulation 3 of S.I. 1989/1239, Schedule 1 has effect in specified circumstances until 1.12.1990 as if the amendments made to it by paragraphs 19 and 20 of Schedule 6 to the Social Security Act 1989 (c. 24) had not been enacted. For those circumstances, paragraphs 7(4) and (5) and 8 of Schedule 1 are reproduced
Editorial notes
- X1
Under a saving in regulation 3 of S.I. 1989/1239, Schedule 1 has effect in specified circumstances until 1.12.1990 as if the amendments made to it by paragraphs 19 and 20 of Schedule 6 to the Social Security Act 1989 (c. 24) had not been enacted. For those circumstances, paragraphs 7(4) and (5) and 8 of Schedule 1 are reproduced
Notes on Schedule 1
Textual amendments
- F1
Sch. 1 repealed (7.2.1994) by 1993 c. 48, s. 188, Sch. 5 Pt.I; S.I. 1994/86, art. 2