SCHEDULE 2Consequential Amendments
2
In the Personal and Occupational Pension Schemes (Protected Rights) Regulations 199631—
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 rights2
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”.