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The Divorce etc. (Pensions) Regulations (Northern Ireland) 1996

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Valuation

4.—(1) The trustees or managers of any occupational pension scheme shall furnish in writing the information mentioned in regulation 6(7) of, and paragraphs 8 and 9 of Schedule 2 to the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1986 to a member of the scheme in the circumstances specified in paragraph (4).

(2) The trustees or managers of any personal pension scheme shall furnish in writing the information mentioned in paragraph 2(1) (or, where applicable, 2(2)) of Schedule 2 to the Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1987 to a member of the scheme in the circumstances specified in paragraph (4).

(3) For the purposes of any information to be furnished under paragraph (1) or (2)—

(a)the estimated cash equivalent or value of the member’s rights shall be calculated as at a date (“the valuation date”) to be chosen by the trustees or managers of the pension scheme, which shall be within the period of three months beginning with the date of the request for information;

(b)the information shall be furnished to the member not more than 10 working days after the valuation date;

(c)the estimated cash equivalent or value mentioned in sub-paragraph (a) shall be calculated in accordance with paragraphs (3) to (5) of regulation 3, but as if the valuation date were substituted for the date specified by the court.

(4) The trustees or managers of a pension scheme shall furnish the information described in the preceding paragraphs of this regulation where the member is the petitioner or respondent in proceedings for divorce, nullity of marriage or judicial separation and—

(a)has requested the information and has not previously received information under this paragraph for the purpose of those proceedings; or

(b)has been required by the court to request the information;

and shall in either case be entitled to recover from the member the reasonable cost of furnishing the information.

(5) When furnishing information pursuant to the preceding paragraphs of this regulation, the trustees or managers of the pension scheme shall notify the member of the date chosen by them to be the valuation date.

(6) For the purpose of any information to be furnished under this regulation, the value of any rights which a person has under a pension scheme shall be calculated and verified in accordance with any guidance for the time being in force which has been prepared or from time to time revised by the Institute and Faculty of Actuaries for the purpose of—

(a)the calculation or estimation of transfer values for the purposes of section 90 of the Pension Schemes (Northern Ireland) Act 1993;

(b)the furnishing of information under the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1986, or the Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1987 as appropriate; or

(c)the furnishing of information under this regulation

and approved by the Department of Health and Social Services for the purposes of this regulation.

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