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The Occupational Pension Schemes (Transfer Values) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 1847
- PART III
- Regulation 9
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Changes over time for: Section 9
Version Superseded: 06/04/2015
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- 01/04/2008- Amendment
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Point in time - 06/04/2015- Amendment
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Increases and reductions of guaranteed cash equivalentsE+W+S
9.—(1) This regulation applies to a guaranteed cash equivalent when a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.
(2) Where all or any of the benefits to which a guaranteed cash equivalent relates have been surrendered, commuted or forfeited before the date on which the trustees do what is needed to carry out what the member requires, that part of the guaranteed cash equivalent which relates to the benefits so surrendered, commuted or forfeited shall be reduced to nil.
(3) Where a scheme has on or after the guarantee date begun to be wound up, a guaranteed cash equivalent may be reduced to the extent necessary for the scheme to comply with [F1the winding up provisions (as defined in section 73B(10)(a) of the 1995 Act) and regulations made under those provisions ].
(4) If, by virtue of regulations made [F2under section 73B(4)(b)(i) of the 1995 Act by virtue of section 73B(5) of that Act, the winding up provisions (as so defined) apply] to a section of a scheme as if that section were a separate scheme, paragraph (3) shall apply as if that section were a separate scheme and as if the references therein to a scheme were accordingly references to that section.
(5) If a member’s guaranteed cash equivalent falls short of or exceeds the amount which it would have been had it been calculated in accordance with Chapter IV of Part IV of the 1993 Act and these Regulations it shall be increased or reduced to that amount.
(6) In a case where two or more of the paragraphs of this regulation fall to be applied to a calculation, they shall be applied in the order in which they occur in this regulation except that where paragraph (5) falls to be applied it shall be applied as at the date on which it is established that the guaranteed cash equivalent falls short of or exceeds the proper amount.
Textual Amendments
F1 Words in reg. 9(3) substituted (6.4.2005) by Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706) , regs. 1(2) , 15(7) (with reg. 15(11) )
F2 Words in reg. 9(4) substituted (6.4.2005) by Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706) , regs. 1(2) , 15(8) (with reg. 15(11) )
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