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The Occupational Pension Schemes (Transfer Values) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 1847
- PART III
- Regulation 7D
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[F1Reductions to initial cash equivalentsE+W+S
7D.—(1) [F2For salary-related benefits] an initial cash equivalent may, or as the case may be must, be reduced in accordance with Schedule 1A (reductions in initial cash equivalents).
[F3(2) For the purposes of paragraph (1) the trustees may—
(a)request an insufficiency report from the actuary in accordance with Schedule 1B (insufficiency reports); or
(b)treat the actuary’s last relevant GN11 report as an insufficiency report.
(3) For money purchase benefits, an initial cash equivalent may, or as the case may be, must be reduced in accordance with [F4paragraphs 7, 10, 11], 14 and 15 of Schedule 1A (reductions in initial cash equivalents).]]
Textual Amendments
F1 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
F2Words in reg. 7D(1) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 32(7)(a) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2
F3Reg. 7D(2)(3) substituted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 32(7)(b) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2
F4Words in reg. 7D(3) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(6)
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