The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008

Amendment of the Pensions on Divorce etc. (Provision of Information) Regulations

3.—(1) The Pensions on Divorce etc. (Provision of Information) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with sub-paragraphs (2) to (4).

(2) In regulation 1(2) (interpretation)—

(a) omit the definition of “the Board for Actuarial Standards”(2);

(b) after the definition of “normal benefit age” insert—

““normal pension age” has the meaning given by section 175;”.

(3) In regulation 3(3) (information about pensions on divorce and dissolution of a civil partnership: valuation of pension benefits)—

(a) in paragraph (1)(d)—

(i) for “paragraphs (7) to (9)” substitute “paragraphs (7) and (8)”;

(ii) at the end of head (ii) omit “or”;

(iii) after head (iii) add—

“or

(iv) the pension of the person with pension rights is not in payment and the person has attained normal pension age.”;

(b) for paragraphs (7) to (9) substitute—

“(7) Cash equivalents are to be calculated and verified in accordance with regulations 7 to 7C and 7E(1) to (3) of the Transfer Values Regulations as appropriate.

(8) When calculating and verifying a cash equivalent in accordance with those regulations—

(a) references to “trustees” must be read as references to “person responsible for the pension arrangement”;

(b) where the person with pension rights is a pensioner member on the date on which the request for the valuation is received, the value of his pension must be calculated and verified in accordance with regulations 7 to 7E of the Transfer Values Regulations as appropriate;

(c) where the person is over normal pension age but not in receipt of a pension—

(i) the value of his pension must be calculated and verified in accordance with regulations 7 to 7E of the Transfer Values Regulations as appropriate, and

(ii) the person responsible for the pension arrangement must assume that the pension came into payment on the date on which the request for the valuation was received, and

(d) the date by reference to which the cash equivalent is to be calculated and verified is to be the date on which the request for the valuation was received.”;

(c) in paragraph (10) for “paragraph (3), (4) or (9)” substitute “paragraph (3), (4) or (7)”.

(4) In regulation 4(2)(c)(4) (provision of information in response to a notification that a pension sharing order or provision may be made) for the words from “regulation 8(4)” to “reductions of cash equivalents)” substitute “paragraphs 2, 3 and 12 of Schedule 1A to the Transfer Values Regulations (reductions in initial cash equivalents)”.

(1)

S.R. 2000 No. 142; relevant amending Regulations are S.R. 2003 No. 337, S.R. 2005 No. 536 and S.R. 2007 No. 64

(2)

The definition of “the Board for Actuarial Standards” was inserted by paragraph 9(a) of the Schedule to S.R. 2007 No. 64

(3)

Regulation 3 was amended by paragraph 1(4) of Schedule 1 to S.R. 2005 No. 536 and paragraph 9(b) of the Schedule to S.R. 2007 No. 64

(4)

Regulation 4(2)(c) was amended by regulation 3 of S.R. 2003 No. 337