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

Amendment of the Occupational Pension Schemes (Transfer Values) Regulations

3.—(1) The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with paragraphs (2) and (3).

(2) In regulation 7B(2) (initial cash equivalents for salary related benefits: assumptions)—

(a) for the heading substitute “Initial cash equivalents for salary related benefits: assumptions and guidance”;

(b) for paragraph (1) substitute—

“(1) The trustees must calculate the initial cash equivalent for salary related benefits—

(a) by using the assumptions determined under this regulation; and

(b) where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.”;

(c) in paragraph (4) for “The trustees must” substitute “Except where the scheme falls within paragraph (6), the trustees must”;

(d) after paragraph (5) add—

“(6) A scheme falls within this paragraph if it is a public service pension scheme in respect of which guidance has been prepared, and from time to time revised, by the Treasury for calculating the discount rates(3).”.

(3) In regulation 7C(2)(4) (manner of calculation of initial cash equivalents for money purchase benefits) after “realisable value” insert “at the date of calculation”.

(1)

S.R. 1996 No. 619; relevant amending Regulations are S.R. 2008 No. 370

(2)

Regulation 7B was inserted by regulation 4 of S.R. 2008 No. 370

(3)

The Treasury have issued guidance entitled “Basis for setting the discount rate for calculating cash equivalent transfer values payable by public service pension schemes”. A copy of the guidance can be obtained from The Correspondence & Enquiry Unit, 2/W1, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and [e-mail]. It is also available on the internet at http://www.hm-treasury.gov.uk/documents/taxation_work_and_welfare/public_service_pensions/tax_pensions_guidance.cfm

(4)

Regulation 7C was inserted by regulation 4 of S.R. 2008 No. 370