The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007

5.  In the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1)—

(a) in regulation 1(2) (interpretation) after the definition of “base rate” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

(b) for regulation 7(3)(b)(ii)(2) (manner of calculation and verification of cash equivalents) substitute—

“(ii) as being consistent with “Retirement Benefit Schemes – Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the guarantee date, or if the cash equivalent is of money purchase benefits, on the relevant date; and”, and

(c) for regulation 8(4J)(3) (further provisions as to calculation of cash equivalents and increases and reductions of cash equivalents (other than guaranteed cash equivalents)) substitute—

“(4J) The references in this regulation to the actuary’s last relevant GN 11 report are to his last report before the guarantee date in accordance with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the guarantee date.”.

(1)

S.R. 1996 No. 619; relevant amending Regulations are S.R. 1997 No. 160 and S.R. 2005 No. 171

(2)

Regulation 7(3)(b)(ii) was amended by paragraph 11(4)(b) of the Schedule to S.R. 1997 No. 160

(3)

Paragraph (4J) was inserted by regulation 15(3) of S.R. 2005 No. 171