The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996

Regulation 11

SCHEDULE 1 Information to be made available to Members

1.  Whether any cash equivalent (within the meaning of Chapter IV of Part IV of the Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so—

(a) an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;

(b) the accrued rights to which it relates;

(c) whether any part of the estimated amount of the cash equivalent is attributable to additional benefits—

(i) which have been awarded at the discretion of the trustees; or

(ii) which will be awarded at their discretion if their established custom continues unaltered,

and in either case whether that part is attributable to the whole or only to part of those benefits;

(d) where the trustees have given a direction such as is referred to in regulation 8(2), a statement indicating that the calculation of the estimated cash equivalent does not take account of discretionary benefits, that the trustees are obliged to obtain the actuary’s written report before excluding such benefits from the calculation of cash equivalents and that the member is entitled on request to a copy of that report; and

(e) if the estimated amount of the cash equivalent has been reduced by reference to regulation 8—

(i) a statement of that fact and of the amount by which the cash equivalent has been reduced and an explanation of the reason for the reduction, which shall refer to the paragraph of regulation 8 relied upon;

(ii) an estimate of the date (if any) by which it will be possible to make available a cash equivalent which is not so reduced; and

(iii) a statement of the member’s rights to obtain further estimates.

2.  Whether any transfer value (not being a cash equivalent within the meaning of Chapter IV of Part IV of the Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so—

(a) an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;

(b) the accrued rights to which it relates;

(c) whether any part of the estimated amount of the transfer value is attributable to additional benefits—

(i) which have been awarded at the discretion of the trustees; or

(ii) which will be awarded at their discretion if their established custom continues unaltered,

and in either case whether that part is attributable to the whole or only to part of those benefits; and

(d) if the estimated amount of the transfer value has been reduced to an amount which is less than it otherwise would be because of an actuary’s opinion that the scheme’s assets are insufficient to meet its liabilities in full—

(i) a statement of that fact and an explanation;

(ii) an estimate of the date (if any) by which it will be possible to make available a transfer value the amount of which is not so reduced; and

(iii) a statement of the member’s rights to obtain further estimates.

Regulation 21

SCHEDULE 2 Transitional Provisions

In the case of an application such as is mentioned in regulation 21(2), the 1985 Regulations are modified as follows—

(a) after regulation 4(3A)(1) there shall be inserted—

“(3B) Paragraphs (3) and (3A) shall not apply after the expiry of the first period within which the trustees are required under Article 57 of the Pensions (Northern Ireland) Order 1995 to obtain an actuarial valuation (as defined in Article 56(5)(c) of that Order) nor where the trustees have obtained such a valuation within that period.”;

(b) in regulation 3(2)(b)(ii)(2) for “current at the date of the calculation” there shall be substituted “current on 5th April 1997”.

Regulation 21

SCHEDULE 3 Regulations revoked

Column (1)	Column (2)	Column (3)
Citation	Reference	Extent of revocation
The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1985	S.R. 1985 No. 358	The whole Regulations
The Occupational Pension Schemes (Revaluation and Transfer Values) (Amendment) Regulations (Northern Ireland) 1986	S.R. 1986 No. 114	The whole Regulations
The Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1986	S.R. 1986 No. 225	Regulation 12
The Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1986	S.R. 1986 No. 362	Regulation 4
The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 1987	S.R. 1987 No. 285	The whole Regulations
The Personal and Occupational Pension Schemes (Consequential Provisions) Regulations (Northern Ireland) 1987	S.R. 1987 No. 292	Regulation 7
The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations (Northern Ireland) 1988	S.R. 1988 No. 107	Regulation 3
The Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1988	S.R. 1988 No. 109	Regulation 3
The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 1988	S.R. 1988 No. 127	The whole Regulations
The Personal and Occupational Pension Schemes (Transfer to Self- employed Pension Arrangements) Regulations (Northern Ireland) 1988	S.R. 1988 No. 214	Regulation 2
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1990	S.R. 1990 No. 203	Regulation 6
The Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 1991	S.R. 1991 No. 37	In Schedule 1, paragraph 2
The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations (Northern Ireland) 1994	S.R. 1994 No. 300	In Schedule 2, paragraph 5

(1)

Regulation 4(3) and (3A) was substituted for regulation 4(3) by regulation 12 of S.R. 1986 No. 225 and regulation 4(3A) was amended by paragraph 5(12)(a) of Schedule 2 to S.R. 1994 No. 300

(2)

Regulation 3(2)(b)(ii) was amended by regulation 3 of S.R. 1986 No. 114 and regulation 2(5) of S.R. 1987 No. 285