The Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 1997

Manner of calculation and verification of protected rights

2.—(1) For the purposes of section 23(3) (identification and valuation of protected rights), the value of a member’s protected rights shall, subject to paragraph (2), be calculated and verified—

(a) in such manner as may be approved in particular cases by the trustees or managers of the scheme; and

(b) by adopting methods consistent with the requirements of sections 5(3) and (5) and 22 to 28(1).

(2) In a case where a member’s rights (as described in paragraph (1)) fall, either wholly or in part, to be valued in a manner which involves making estimates of the value of benefits, the value of those rights shall be calculated and verified—

(a) in such manner as may be approved in particular cases by—

(i) a Fellow of the Institute of Actuaries;

(ii) a Fellow of the Faculty of Actuaries; or

(iii) a person with other actuarial qualifications who is approved by the Department, at the request of the trustees or managers of the scheme in question, as being a proper person to act for the purposes of these Regulations in connection with that scheme,

and in this regulation “actuary” means any person such as is referred to in head (i), (ii) or (iii); and

(b) by adopting methods and making assumptions which—

(i) if not determined by the trustees or managers of the scheme in question, are notified to them by an actuary; and

(ii) are certified by an actuary to the trustees or managers of the scheme as being consistent with the requirements of sections 5(3) and (5), 6(2) and 22 to 28 and as being consistent with the guidance note “Retirement Benefit Schemes — Transfer Values (GN 11)” published by the Institute of Actuaries and the Faculty of Actuaries(3) and current at the date of the calculation.

(1)

Section 24 is amended by Articles 139 and 143(2) of, and paragraph 27 of Schedule 3 to, the Pensions (Northern Ireland) Order 1995; sections 24A and 24B were inserted by Article 140 of that Order; section 25 was amended by Article 141 of, and paragraph 28 of Schedule 3 to, that Order; section 26 is amended by paragraph 14(a) of Schedule 3 to that Order and section 27 was amended by paragraph 29 of Schedule 3 to that Order

(2)

Section 6(2) is amended by paragraph 18 of Schedule 3 to the Pensions (Northern Ireland) Order 1995

(3)

Copies of GN 11 may be obtained from the Faculty of Actuaries, 17 Thistle Street, Edinburgh EH2 1DF