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

2.  In the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996(1)—

(a) in regulation 1(2) (interpretation), omit the definition of “the Board for Actuarial Standards”; and

(b) for regulation 2 (manner of calculation and verification of protected rights), substitute—

“Manner of calculation and verification of protected rights

2.— (1) For the purposes of section 27(3) of the 1993 Act (identification and valuation of protected rights), the trustees must calculate and verify the value of a member’s protected rights in accordance with regulation 7C of the Occupational Pension Schemes (Transfer Values) Regulations 1996.

(2) In calculating the rights under paragraph (1), the trustees must treat the references to “initial cash equivalent” in regulation 7C as if they were to “protected rights”.

(3) The trustees must adopt methods and assumptions that are consistent with sections 9(3) and (5)(2), 10(3) and 26 to 32 of the 1993 Act(4).”.

(1)

S.I. 1996/1537. Relevant amendments were made by Schedule 2 to the Social Security Contributions (Transfer of Functions, etc) Act 1999 (c.2) and S.I. 2007/60.

(2)

Section 9 was amended by section 136(4) of, and paragraph 24 of Schedule 5 to, the Pensions Act 1995 and paragraph 35 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc) Act 1999.

(3)

Section 10 was amended by paragraph 25 of Schedule 5 to the Pensions Act 1995, section 32 of the Welfare Reform and Pensions Act 1999, paragraph 36 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc) Act 1999 and paragraph 22 of Schedule 11 to the Proceeds of Crime Act 2002 (c.29).

(4)

Section 28 was amended by sections 142 and 146 of, and paragraph 34 of Schedule 5 to, the Pensions Act 1995, paragraph 5 of Schedule 2 to the Welfare Reform and Pensions Act 1999, paragraphs 2 and 3 of Schedule 5 to the Child Support, Pensions and Social Security Act 2000, section 284 of the Pensions Act 2004 and S.I.s 2005/2050 and 2006/745. Sections 28A and 28B were inserted by section 143 of the Pensions Act 1995. Section 28A was amended by S.I.s 2005/2050 and 2006/745. Sections 28B and 30 were amended by paragraphs 41 and 42 respectively of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc) Act 1999. Section 29 was amended by section 144 of, and paragraph 35 of Schedule 5 to, the Pensions Act 1995, section 284 of the Pensions Act 2004 and S.I.s 2001/3649 and 2005/2050. Section 31 was amended by paragraph 36 of Schedule 5 to the Pensions Act 1995 and paragraph 43 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc) Act 1999.