The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000

Explanatory Note

(This note is not part of the Regulations)

These Regulations make amendments to the Personal Pension Schemes (Disclosure of Information) Regulations 1987, the Occupational Pension Schemes (Winding Up) Regulations 1996, the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996, the Occupational Pension Schemes (Disclosure of Information) Regulations 1996, the Register of Occupational and Personal Pension Schemes Regulations 1997 and the Occupational and Personal Pension Schemes (Levy) Regulations 1997 consequential upon the provision in Parts III and IV of the Welfare Reform and Pensions Act 1999 (c. 30) for the sharing of pensions following divorce or nullity of marriage (regulations 2 to 7).

The amendments made to regulation 1(4) of the Register of Occupational and Personal Pension Schemes Regulations 1997 (regulation 6) extend to Northern Ireland in so far as they apply to regulation 3 of those Regulations.

Regulation 8 amends the Pensions on Divorce etc. (Provision of Information) Regulations 2000. In particular, regulation 6 of those Regulations is amended to clarify the obligations of the person responsible for a pension arrangement when the person entitled to the pension credit dies before liability in respect of that credit is discharged.

Regulation 9 amends the Pensions on Divorce etc. (Charging) Regulations 2000. In particular, regulation 2(8) of those Regulations is amended in order to clarify when a person responsible for a pension arrangement may charge for the provision of information.

Regulation 10 amends the Pension Sharing (Valuation) Regulations 2000 in order to clarify that a cash equivalent transfer value calculated under those Regulations is to be calculated in the same way as a cash equivalent for any other purpose.

Regulation 11 amends the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000. In particular, a new regulation 6 is substituted, which clarifies how a person responsible for a pension arrangement is to deal with a pension credit when the person entitled to the pension credit dies before liability in respect of that credit is discharged.

Regulation 12 amends the Pension Sharing (Pension Credit Benefit) Regulations 2000. In particular, regulation 24 of those Regulations is amended in order to clarify that a cash equivalent transfer value calculated under that regulation is to be calculated in the same way as a cash equivalent for any other purpose.

Regulation 13 makes minor amendments to the Pension Sharing (Safeguarded Rights) Regulations 2000.

An assessment of the cost to business of the provisions of the Welfare Reform and Pensions Act 1999, including these Regulations, is detailed in the Regulatory Impact Assessment for that Act. A copy of this Assessment has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, 3rd Floor, The Adelphi, 1-11 John Adam Street, London WC2N 6HT.