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

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Amendment of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations

4.—(1) The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 2006(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 2B(2) (initial cash transfer sum for salary related benefits: assumptions)—

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

(b)for paragraph (1) substitute—

(1) The trustees or managers must calculate the initial cash transfer sum 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 or” substitute “Except where the scheme falls within paragraph (6), the trustees or”;

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

(4) In regulation 2D(4) (alternative manner of calculating and verifying cash transfer values)—

(i)in the heading for “cash transfer values” substitute “cash transfer sums”;

(ii)for “cash transfer value”, in each place where it occurs, substitute “cash transfer sum”.

(2)

Regulation 2B was inserted by paragraph 8(3) of Schedule 2 to S.R. 2008 No. 370

(3)

Regulation 2C was inserted by paragraph 8(3) of Schedule 2 to S.R. 2008 No. 370

(4)

Regulation 2D was inserted by paragraph 8(3) of Schedule 2 to S.R. 2008 No. 370

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