The Occupational and Personal Pension Schemes (TransferValues) (Amendment) Regulations (NorthernIreland)2008

Contents

1Citation, commencement and interpretation#

(1)These Regulations may be cited as the Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008 and shall come into operation on 13th October 2008.

(2)The Interpretation Act (Northern Ireland) 1954 shall apply to these Regulations as it applies to an Act of the Assembly.

2Amendment of Personal Pension Schemes (Transfer Values) Regulations#

In regulation 3(2) of the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1987 (manner of calculation and verification of cash equivalents) after “the realisable value” insert “at the date of calculation”.

3Amendment of the Occupational Pension Schemes (Transfer Values) Regulations#

(1)The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996 shall be amended in accordance with paragraphs (2) and (3).

(2)In regulation 7B (initial cash equivalents for salary related benefits: assumptions)—

(a)for the heading substitute “Initial cash equivalents for salary related benefits: assumptions and guidance”;

(b)for paragraph (1) substitute—“1 The trustees must calculate the initial cash equivalent for salary related benefits—a by using the assumptions determined under this regulation; andb where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.”

(c)in paragraph (4) for “The trustees must” substitute “Except where the scheme falls within paragraph (6), the trustees must”;

(d)after paragraph (5) add—“6 A scheme falls within this paragraph if it is a public service pension scheme in respect of which guidance has been prepared, and from time to time revised, by the Treasury for calculating the discount rates.”

(3)In regulation 7C(2) (manner of calculation of initial cash equivalents for money purchase benefits) after “realisable value” insert “at the date of calculation”.

4Amendment of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations#

(1)The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 2006 shall be amended in accordance with paragraphs (2) to (4).

(2)In regulation 2B (initial cash transfer sum for salary related benefits: assumptions)—

(a)for the heading substitute “Initial cash transfer sum for salary related benefits: assumptions and guidance”;

(b)for paragraph (1) substitute—“1 The trustees or managers must calculate the initial cash transfer sum for salary related benefits—a by using the assumptions determined under this regulation, andb where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.”

(c)in paragraph (4) for “The trustees or” substitute “Except where the scheme falls within paragraph (6), the trustees or”;

(3)In regulation 2C(2) (manner of calculation of initial cash transfer sums for money purchase benefits) after “realisable value” insert “at the date of calculation”.

(4)In regulation 2D (alternative manner of calculating and verifying cash transfer values)—

(i)in the heading for “cash transfer values” substitute “cash transfer sums”;

(ii)for “cash transfer value”, in each place where it occurs, substitute “cash transfer sum”.

Contains public sector information licensed under the Open Government Licence v3.0.