The Public Service (Civil Servants and Others) Pensions Regulations (Northern Ireland) 2014

Interpretation in relation to Part

141.  In this Part—

“cash equivalent” means an amount calculated in accordance with regulations made under section 93 (calculation of cash equivalents) of the 1993 Act(1);

“club transfer value” means, in relation to an amount of accrued earned pension under this scheme or under another club scheme, an amount calculated by the scheme manager—

(a)

in accordance with the club transfer arrangements; and

(b)

by reference to the guidance and tables provided by the Government Actuary for this purpose that are in use on the date used for the calculation;

“guarantee date” has the meaning given in regulation 144;

“guaranteed cash equivalent” means, in relation to calculating the transfer value of accrued rights to benefits under this scheme, the cash equivalent of those benefits as at the guarantee date, as specified in a statement of entitlement;

“statement of entitlement”, in relation to an active or deferred member’s accrued rights to benefits under this scheme, means a statement by the scheme manager of the cash equivalent or club transfer value of those benefits as at the guarantee date;

“transfer value” means, for accrued rights to benefits other than accrued earned pension which is the subject of a club transfer—

(a)

for accrued rights to benefits under this scheme, an amount equal to—

(i)

the guaranteed cash equivalent of those benefits; or

(ii)

the guaranteed cash equivalent together with any increase payable under regulation 146; and

(b)

for accrued rights to benefits under another pension scheme, an amount—

(i)

determined by the scheme actuary of that scheme; and

(ii)

specified in a statement of accrued rights provided by the scheme manager of that scheme.

(1)

Section 93 was amended by the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213) Art.165 Sch.4 para.6 and the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c.4) section 52 and Sch.5 para.5(1)